Essay: Project Risk Measurement and Performance Indicators

18 Oct

Essay: Project Risk Measurement and Performance Indicators

Sample Essay

To ensure efficiency and effectiveness, it is important that proper project management measures are put in place. Certain measures should be put in place to ensure that any risks that could hinder the achievement of the project goals are anticipated and where possible managed in advance. A team of experts should be put in place to assist in the identification of possible risks that could hinder the execution of the project process.

The extent to which risks impact to the organization should also be identified and corrective measures outlined. Strategic risk response measures such as risk avoidance, reduction, transfer, deferral, and risk retention should be laid down based on the probability of a given risk occurring. IDE based performance indicators should also be used to determine the areas in which the biggest improvements have been made in the effort to achieve the project goals. Time between the project start and its ending could also be utilized as a good performance indicator. According to Frederick, Covello (1988), the shorter the time the better the project is said to have performed. Key performance indicators to be used could include the amount of output realized from the implemented project, the time frame for achieving certain stipulated goals, and the level of output and resources invested into the project.

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