Thomas AndrewsProject & Risk Management Consultant| PM/RM WorksLong Beach WA, United States
Is now a good time to start tracking the effectiveness of your risk management program by establishing metrics for your project portfolios or individual projects? Example metrics could be:
1. percentage of risks that are scored as high based on your risk scoring criteria
2. average project risk exposure (average score of all project risks across the portfolio or project)
3. percentage of risk handling strategies across the portfolio (avoid, accept, transfer or mitigate)
4. Any suggestions for other metrics? Saving Changes...
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Sebastian HelmInternational PM| -Redmond, Wa, United States
Since you are a PMO manager, you have the advantage of having higher numbers of data, so you can get statistically relevant results. One analysis you could probably do is correlate assessed risk probability with percentage of actual occurrence. If, for instance, you had 25 risks in the decile of p = 10%, and you find that 7 of these did occur, you may want to take a closer look at your assessment technique. Saving Changes...
Sebastian HelmInternational PM| -Redmond, Wa, United States
(Another typography experiment failed: I entered "& le ; " , which appeared as a less-or-equal sign in the preview, but became an equal sign in the final post. I should have just written p < 10% instead.) Saving Changes...
Thomas AndrewsProject & Risk Management Consultant| PM/RM WorksLong Beach WA, United States
I like that approach Sebastian. Metrics that are usefull in refining the risk management process itself are always helpful. Saving Changes...
Andy JordanPresident| Roffensian Consulting S.A.Cherry Grove, AB, Canada
Interesting concept. I also think that there needs to be some kind of 'personal bias weighting' to what is an ultimately subjective topic. The overall organization metrics are a product of individual assessments so if one team / PM / assessor consistently rates risks higher (or lower) than another team there needs to be some kind of normalizing in order to avoid skewing the numbers. Saving Changes...
Sebastian HelmInternational PM| -Redmond, Wa, United States
Has anyone tried any of the suggested metrics since this has been posted? Saving Changes...
"Put your hand on a hot stove for a minute, and it seems like an hour. Sit with a pretty girl for an hour, and it seems like a minute. THAT's relativity."
