Foresight for Zoho Projects
Foresight is a cloud-based enterprise risk management application that simulates the commercial risk for a project through risk assessments (RA) as well as identifying risk mitigations and then providing ongoing monitoring of these risks and controls. Every business requires strategic planning and a process to minimise losses due to risks that are incorrectly managed.
Foresight uses a Monte Carlo simulation and is run regularly to "control" the commercial risk of a project or of any implemented changes. Also, Foresight 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 Foresight 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 "realised" risks that are identified in Foresight.
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 | ✔ |
Risk Entry Database
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.
The risk entries include identified controls to reduce the risk, the reporter and the owner, the status, estimate basis, category, the date the risk was realised and the likelihood - resulting in a calculated and simulated risk value.
Zoho Project Integration
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.
Risk Simulation
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.
Risk Sensitivity Analysis
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.
Foresight Enterprise Dashboard
Foresight has a detail-oriented enterprise dashboard with summaries from the Monte Carlo simulations. The simulation gives overall project risk output based on Deterministic Value, P10, P50 and P90, number and categories of risks outlined in a pie-chart, as well as a Histogram summary and Tornado Chart showing the sensitivity of the risks.
Examples of Foresight Enterprise Risk Management applied to Industries
Enterprise risk management system for banking and financial industry calculates liquidity, shareholders, and other financial risks.
From cost structure, market risks, competitiveness to other high-risk factors, be prepared at all times with effective RA.
With risk assessment and evaluation, know the risk of untested, new ideas and more with the enterprise risk management system.
Detect risks in volatile gas transportation and oil spills and get environmental, economic and political risk management.
Get transportation risk management for storage facility risks and more for road, aviation and marine transportation.
Get insurance risk management to identify, assess and mitigate risks while protecting communities, companies and people.