SOURCE: Welcom

November 30, 2005 07:00 ET

Welcom Announces WelcomRisk 2.6 Qualitative Risk Management Software

New Capabilities Provide Cost-Effective Overall Management of Project Risks, Centralized Reporting and Show Risk Impact to Aid in Contingency Planning Across the Enterprise

HOUSTON, TX -- (MARKET WIRE) -- November 30, 2005 -- Welcom, a global leader in project portfolio management solutions, announces WelcomRisk™ 2.6, the newest version of its formalized qualitative risk management tool. New capabilities in WelcomRisk 2.6 give business managers additional tools to more accurately model, assess and report on potential threats and opportunities for current and planned projects across the enterprise.

Browser-based WelcomRisk 2.6 features an Enhanced Waterfall chart to show a planned risk score line along side an actual risk score line. This allows project leaders to compare the baseline risk score and response plans to the actual results. The new Risk Map, a bubble-style report, helps managers identify which project risks to focus on and which ones can be delayed to a future time. The Centralized Reporting page conveniently puts a variety of statistical reports in one view and provides wizards for custom report creation. Version 2.6 also provides an Impact Value function. Pulling data from project scheduling and cost management systems, or through manual entry, this calculates the cost and schedule impact to a project and allows managers to more adequately develop contingencies and reserves to cover potential risks. WelcomRisk users can adapt the software to their specific organization's business needs by adding additional capabilities or views to the core application.

In a product review published in the September 2005 issue of PM Network magazine, the monthly professional magazine of The Project Management Institute (PMI®), David Essex compared three of the top Web-based qualitative risk management tools that follow international standards for project risk management, including the guidelines in PMI's A Guide to the Project Management Body of Knowledge (PMBOK®) Guide. Essex evaluated Active Risk Manager (ARM), Risk Radar Enterprise and WelcomRisk. The products were evaluated on ease of use, feature richness, project management support, performance and overall value. In his conclusion, Essex wrote, "Of the three, I prefer WelcomRisk over ARM because of its significantly cleaner interface, overall ease of use, project-management integration and decent feature set for a mid-range price."

"Managing project risk is an increasingly critical component of a successful business management strategy as evidenced by the rapid adoption of WelcomRisk," said Steve Cook, president of Welcom. "Our customers employ WelcomRisk to ensure a consistent enterprise-wide risk management program that typically involves the complexity of managing risk on numerous concurrent projects, while planning for new ones. The new features in WelcomRisk 2.6 reflect recent advances in risk management practices and the increasing requirements of our customers."

ASC Pty Ltd, Australia's largest builder of naval ships and submarines for the Australian government, recently adopted WelcomRisk to identify, manage and mitigate risks on its submarine and shipbuilding projects for Australia's Department of Defense. ASC identified the need for a formalized risk management system to support the changing requirements of the enterprise and conducted a review of available tools over a six month period. Liam Wallace, ASC's risk and business assurance manager, said they chose WelcomRisk because "it tightly integrates with our project schedule, provides flexibility, and above all, is easy to use, which were all essential to meeting our requirements."

WelcomRisk is a cost-effective way for users of project scheduling tools such as Welcom's Open Plan®, Microsoft® Project® and Primavera® P3e®, as well as Welcom's Cobra® project cost management and earned value system, to manage project risk. Full use WelcomRisk licenses are $1,500. Team member licenses are $500. Minimum package fee is $15,000 for one full use license plus 25 team member licenses. Volume discounts are available. For more information, contact Welcom at or call 1-800-349-8854 (1-281-558-0514).

About WelcomRisk

WelcomRisk is a formalized risk management tool for the proactive identification and mitigation of business risk, both threats and opportunities. WelcomRisk combines a user-friendly interface with a higher level of flexibility and granularity than other products. Its flexible integration capabilities and tight security provide companies with a better solution across the enterprise. WelcomRisk is part of WelcomSuite™, a comprehensive solution that supports portfolio analysis, project collaboration, planning and scheduling, and cost and earned value reporting.

About Welcom

Welcom ( leads in the invention, development, and implementation of the world's most advanced project portfolio management solutions for the enterprise. Welcom translates global experience, industry knowledge, and innovative technology into software solutions that help people plan more effectively and better manage business-critical projects.

Established in 1983, Welcom has two decades of leadership and a worldwide customer base. Welcom is a privately held company that maintains its corporate headquarters in Houston, Texas, with offices in the United Kingdom and Hong Kong. Its primary channels of distribution include a direct sales force and a network of resellers located around the world.

Welcom, Open Plan and Cobra are registered trademarks and WelcomRisk and WelcomSuite are trademarks of WST Corporation. All rights reserved. All other product names are trademarks or registered trademarks of their respective manufacturers.

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