Foresight for Zoho Projects
The Foresight App is a cloud-based commercial risk app that simulates the commercial risk for a project. This process uses a Monte Carlo simulation and is run regularly to "control" the commercial risk of a project or of any implemented changes. The Foresight App fully integrates with Zoho Projects where proposed controls for risks become tasks in the project and risks that eventuate become issues within Zoho Projects.
Zoho Projects is a cloud-based project management tool that helps you plan your work, track it efficiently, and collaborate with your team wherever they are. Zoho Projects breaks up a big project into easily manageable tasks with gantt charts showing dependencies, "blueprint" diagrams mapping out workflows and Kanban views assisting with prioritise tasks. Identified controls in the Foresight App become tasks in Zoho Project. Zoho Projects also utilise Feeds, Forums, Pages and Chat to assist with a better connected project team.
Zoho Projects provides dashboards, reports and charts to provide data to make good decisions. Time tracking that is integrated with Zoho People and Payroll Hub for Zoho to assist with project status. Also, issues are organised based on severity or due date to ensure that they are accurately logged, tracked and rectified. This include any risks that are identified in the Foresight App that are realised.
Standard Plan $5 AUD per user/month ex GST | |
|---|---|
| Very fast cloud-based Monte Carlo simulation | ✔ |
| Integration to Zoho Projects Tasks, Issues and Budget | ✔ |
| Unrestricted simulation samples | ✔ |
| Comprehensive reporting of results including histogram and tornado charts | ✔ |
| Share results as electronic interactive reports | ✔ |
Standard Plan ₹200 Rupee per user/month | |
|---|---|
| Very fast cloud-based Monte Carlo simulation | ✔ |
| Integration to Zoho Projects Tasks, Issues and Budget | ✔ |
| Unrestricted simulation samples | ✔ |
| Comprehensive reporting of results including histogram and tornado charts | ✔ |
| Share results as electronic interactive reports | ✔ |
Standard Plan £3 GPB per user/month | |
|---|---|
| Very fast cloud-based Monte Carlo simulation | ✔ |
| Integration to Zoho Projects Tasks, Issues and Budget | ✔ |
| Unrestricted simulation samples | ✔ |
| Comprehensive reporting of results including histogram and tornado charts | ✔ |
| Share results as electronic interactive reports | ✔ |
Standard Plan $4 USD per user/month | |
|---|---|
| Very fast cloud-based Monte Carlo simulation | ✔ |
| Integration to Zoho Projects Tasks, Issues and Budget | ✔ |
| Unrestricted simulation samples | ✔ |
| Comprehensive reporting of results including histogram and tornado charts | ✔ |
| Share results as electronic interactive reports | ✔ |
The Foresight app is a commercial risk app that integrates with Zoho Projects. Commercial Risks are entered into a database which enables multiple users to access and input concurrently.
Details of the risk include linking to the project name and number from Zoho Projects; the risk or hazard; the cause; 1-3 identified controls; the basis of the estimate; status; category; risk reporter and owner; data raised; date risk is realised; risk value (probability, low, likely and high); deterministic value (calculated); and the number of iterations for Monte Carlo simulation;
All commercial risks that are identified by any user that has access to a project in Zoho Projects are recorded in the Foresight App database that is linked back to the project. The Foresight App Monte Carlo Simulation in the cloud can be run automatically or manually as required.
Any identified controls for a commercial risk are transfers as a 'task' within the Project in Zoho Projects. Any commercial risks that are realised become an 'issue' within the project in Zoho Projects.
Monte Carlo simulation is a computerised mathematical technique that enables people to account for risk in quantitative analysis and decision making. The technique is used by professionals in a variety of industries including finance, IT, project management, energy, manufacturing, engineering, research and development, defence, insurance, oil and gas, transportation and the environment.
The Monte Carlo simulation provides the decision maker with a range of possible outcomes and the probability they will occur for any choice of action. For example a P50 commercial risk indicates that 50% of time the project's final risk position will be higher 50% of the time. A P90 commercial risk indicates that 10% of time the project's final risk position will be higher 10% of the time.
A tornado plot provides a sensitivity analysis for the identified risks in the Foresight App. The Tornado plot shows the influence of each commercial risk on the overall commercial risk value.
A report is generated summarising the risk position, the P50, P90, a histogram and the tornado chart which can be used in the Zoho Projects reporting.
After the Monte Carlo simulation is run the Foresight dashboard summarises the following
- Deterministic Value
- P10, P50, P90
- Number of Risks
- Number of Closed Risks
- Number of Released (or realised) Risks
- Histogram and Tornado Plots
- Pie Chart for risks categories and risk owners