Read article: Your Risk Assessment’s a Thermometer Not a Crystal Ball – Andrew Sheves
Why This Matters: Risk assessment is a critical element of project risk management. Risk assessment can be graphical (heat map) or can be highly statistical. We’ve done both based on the context of the project. There is no best solution. There is often an optimal risk assessment and analysis that needs to be tailored to the organization.
So, it’s critical to understand that a risk assessment is a thermometer not a crystal ball. With this caveat, that a risk assessment provides a good to better understanding of the state of a project. Certain key performance indicator trend lines can lead to some presumptive analysis that may predict upcoming or recurring risks.
Project Question: Is a thermometer good enough for RBDM and RBPS? If not, why not?
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