It should come as no surprise that in the world of projects, it is not what you know, but when you know it that really matters. Oftentimes, senior management and executives do not have a way to instantly recognize changing conditions and risks. Whether it is accelerating budget overruns or minor but multiplying issues, all these challenges can be resolved by timely detection and intervention.
Our previous blog comparing Microsoft Dynamics 365 Finance project management and accounting to Adeaca Project Business Automation (PBA) analyzed the project scheduling functionality part of project financials. This blog will look at another specific project management functionality: issue and risk management.
While our product is built on D365F, issue and risk management are entirely not supported in D365F. That said, there is no comparison regarding this project functionality. Therefore, if you are keeping a risk registry and managing issues, it is entirely outside of D365F.
Now let’s see how Adeaca Project Business Automation handles Issue and Risk Management.
Adeaca Project Business Automation
Project risks are tracked and managed in many ways with PBA. From the continuously updated issue register to formal month-end and gateway review risk assessments, to 20+ built-in project health indicators, PBA enables continuous tracking and reporting against project risks.
PBA provides an issue register that allows you to track issues against the work breakdown structure (WBS) tasks. Issues are assigned to workers for resolution and are tagged with deadlines, severity codes and type classification for reporting purposes. In addition, a discussion log and revision control ensure issues are tightly tracked from creation to resolution.
As projects pass through schedule milestones, formal risk reviews can be configured. The resulting risk assessment is published in various project dashboards. The same goes for formal risk reviews that can be enforced during the month-end process along with mandatory checklists to enforce corporate governance.
Above and beyond D365F&O, Adeaca PBA adds the following capabilities (and more) to issue and risk management:
- Period close risk review
- Issue management
- Issue severity statistics
- Issue group statistic
- Raise issues from timesheet
- Issue management workspace
Early Detection is Key to Effective Risk Management
It is very straightforward. The quicker risks are identified the more likely the chance that effective mitigating actions can be taken. PBA comes with a wide range of project health indicators that monitor everything from milestone slack and resource conflicts to budget overruns and delayed purchase orders. These sensor points are automatically updated and enable C-level stakeholders, as well as project managers, to stay ahead of risks and take timely action.