ERGOMETRICS

Risk Assessment And Management

Risk Assessment Product Extension

ERGOMETRICS Risk Management Software is an extension to the ERGOMETRICS Dashboard. Risk Management takes input required when measuring project risk and displays the results in Dashboard Gauges.

It enables you to focus on the critical 20% of risk Factors, view the risk on all Factors, and compare risk for different projects and across time.

Every undertaking carries the risk of failure. To reduce risk you need to know the reasons why projects fail for your kind of business, and how significant they are, relative to each other. In ERGOMETRICS Risk Management these reasons are termed Risk Categories and they are assigned Weightings.

The factors that increase or decrease the probability of failure called Risk Factors.

Assessing the Risk Categories and Factors with accuracy is the first step towards perfect Risk Management. To make the risk assessment work for you it is essential that you take time to work out the Categories and Factors. ERGOMETRICS recommends that you use industry standards, and that you retain the same Categories and Factors for a year before making changes.

Example

The larger a software development project is the more difficult it is to sustain, or keep aligned to user needs. Therefore Size is a Risk Category.

Research indicates that Size is one of the top twenty causes of failure for software development projects and should be assigned a weighting of 10%.

A project of less than 500 days is much less likely to fail because of Size than a project of over 1000 days.

Less than 500 days could be a Risk Factor with a Score of 2 out of 10 (low risk) and over 1000 days could be a Risk Factor with a score of 10 out of 10 (representing the highest possible risk of failure, on the basis of Size).

With ERGOMETRICS Risk Management you set up these factors and their weighting using simple setup panels.

Once a project has been set up entering the score is simplicity itself. In the example used in this demonstration a Project Manager would take 2 minutes to enter all risk status metrics and have them available in dashboard format.

To see how a project would be reported using the ERGOMETRICS Dashboards linked to Risk Management click on a Button style gauge on the dashboard below.

ERGOMETRICS automatically displays all the Risk Categories and their Risk Factors, starting with the first category.

"Point and Click" functionality is used to simplify the process of entering risk scores.

Managers can scroll through Factors and Categories selecting items that describe best the condition of each category.

When they have finished selecting Risk Factors they have the opportunity of reviewing the risk entries or exporting the metrics for dashboard reporting.

At any time a graph view of any gauge is available by simply click with the right mouse button on the gauge.