James DobsonOperations Manager| Synapsys NZChristchurch, New Zealand
I'm crappling with a way to assess projects against each other using risk vs benefit.
I've looked at a number of areas e.g. financial benefit, alignment to strategy, compliance etc and a number of risks categories such as time, schedule, cost, resource etc etc.
Can anyone point me to a simple matrix that enables you to compare projects against key criteria thus giving a picture of high benefit/low risk projects vs low benefit / high risk? Saving Changes...
Sort By:
Hans RobbersSenior Director| SalesforceVlissingen, Netherlands
James
An interesting one. A couple of toughts which might help you:
- assess if the benefit is internal (reducing costs) or external increasing revenue. Take a market view to see your position compared to competitors to decide which way to go. For additional info have a look at http://www.gantthead.com/content/articles/224416.cfm which explains the principle on requriement level but can also be applied at project level.
A simple matrix you are asking for seems to me to be a financial one. Translate all the contingent and mitigation actions into actvities with an effort (and potential contractual penalties)
This will lead to total cost of the worst case scenario, all risks will occur and need to be mitigated. This amount subtracted from the benefits in the business case will give a net result of the project
Together with the outcome of the first matrix measuring alignment to the business strategy you have a way to prioritise risks
I use the "Chocolate Chip Cookie matrix" to determine the overall risk/reward of a project. Attached. Saving Changes...
Elyse NielsenSenior Project Manager| Ascension Health Information ServicesHaines City, Fl, United States
Perhaps you should attempt to gain the key benefit areas with agreement from the business executive team. With any luck and some socratic questioning, this will have the strategic goals as the benefits.
I'd recommend going with a high level risk assement with the same basic questions. This can bring a risk score.
Finally using these two data points, create a matrix, or a similar format for which your management team is used to using for decision making. Saving Changes...
Elyse NielsenSenior Project Manager| Ascension Health Information ServicesHaines City, Fl, United States
Perhaps you should attempt to gain the key benefit areas with agreement from the business executive team. With any luck and some socratic questioning, this will have the strategic goals as the benefits.
I'd recommend going with a high level risk assement with the same basic questions. This can bring a risk score.
Finally using these two data points, create a matrix, or a similar format for which your management team is used to using for decision making. Saving Changes...
