Risk Management Metrics – How to Prove Risk Management is Working for your Project #RAW2022 RISK-ACADEMY Blog

If a project is successful, was it good Risk Management that enabled that success, or did the project just get lucky? If a project was unsuccessful, did Risk Management fail or did the project just have a run of bad luck? The questions that usually follow are like, “the project was a success, so why did we waste money on Risk Management?”; and, “the project failed, would it have been if we hadn’t wasted money on Risk Management?”

These were the driving questions tackled in 2005 by the International Council on Systems Engineering, Risk Management Working Group in developing a set of measurements (metrics) for the execution of Risk Management on any project.

In this workshop, we will present the Risk Management metrics the INCOSE Risk Management Working Group developed, with some improvements, that will show just how well Risk Management is working on any project, and how to fix it if it is not working so well. With these metrics, you can prove that Risk Management is worth the money (and saving the project).

ABOUT THIS SPEAKER

He has been sharing his hard won practical risk expertise by teaching risk management at the graduate level since 1998 at the University of Idaho, the University of Houston, Stevens Institute of Technology, and the University of Texas at Austin. He is an active member of Sigma Xi, ISBA, AIAA, INFORMS, and helped to found the Texas Gulf Coast Chapter of INCOSE in 1991. Mr. Powell has served INCOSE as Chair of the Risk Management Working Group, and as Assistant Director for Systems Engineering Processes. He has since 2002 been regularly invited to present risk management tutorials and seminars at INCOSE International Symposia, IEEE Conferences and Symposia, PMI Conferences, and for numerous other professional organizations. Mr. Powell has maintained an active engineering and management consulting practice in North America, Europe, and Asia since 1999.

SYSTEMS ENGINEERING: Independent Assessments of SE Programs and SE Execution; SE Analyses; SE Audits; Milestone Reviews; Contract SE Oversight as Customer’s Representative

PROJECT MANAGEMENT/SE Mentoring: Assistance/Guidance on Project Structuring, Organization, Processes, Communications, Plan(s) Development, and Coordination with Project Controls; Chief Systems Engineer and SE Team Guidance; Technical Problem Analyses and Decision Analyses to support Optimal Decision Making

SE VERIFICATION RISK ANALYSES: Provides for each planned project verification the quantified risk of the requirement not being satisfied with successful verification, and the quantified risk of verification failure when the requirement is satisfied

RISK MANAGEMENT MENTORING: Assistance/Guidance on RM Program Organization, Processes, and RM Plan Development

RISK ANALYSES/ASSESSMENTS: Quantitative risk assessments based on the available data using no assumptions for optimal and quick decision making (using MCMC and Objective Models)

RELIABILITY AND OTHER ENGINEERING SPECIALTY ASSESSMENTS: Quantitative assessments based on the available data using no assumptions for optimal and quick decision making for any reliability, availability, maintainability, logistics, or other engineering specialty related problem (using MCMC and Objective Models)

EDUCATION/TRAINING: Customized full range offerings from seminars/tutorials to full graduate level semester courses in any area of Systems Engineering, Risk Management, Quantitative Risk Assessment, the Engineering Specialties, and Quantitative Assessments for Engineering Specialty Problems in Reliability, Availability, Maintainability, Logistics, and Safety etc.

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