When risk management is mentioned as an activity in project management, it is not always placed in a proper context, or any context for that matter. Here's a suggested way to "connect the dots" between risk and core element of the project - the Work Breakdown Structure (WBS).
- The Earned Value schedule elements - are the emasures of physical percent compete for each "package of work," defined in a way that actually measures Physical Percent Complete?
- The Earned Value cost elements - have you defined the "elements of cost," their repaltionships to the deliverables?
- The risk management process itself - do you have a risk management processes? More importantly, do you apply it?
- The Critical Path - do you have one of these? Do you have a probabilistic version?
- Techncial Performance Measures - how do you how what progress looks like in units meaningful to the stakeholder - both buyer and seller.
- Process management - do you have processes that add value to the project?
- Staffing issues - where are all the people you need?
- Overtime usage - are you working them too hard? What does too hard mean?
- Independent Estimate At Completion - do you have any idea of what this will cost when you're done. Our even knowing when you're going to be done?
