Measure progress in reducing uncertainty and risk throughout the project
As the project team progresses through the product development process using the Product Risk Framework, they work towards reducing or eliminating the most impactful product development uncertainties and risks. The team needs the ability to monitor progress, identify problematic areas, and to communicate status within and outside the team.
We have found the following chart resonates well with product development teams and management alike.
This chart shows the progress the team has made in improving certainty (the green bars) and reducing uncertainty (the blue bars). Additionally, the chart explicitly tracks the uncertainty/risk that has been accepted. Risk cannot be reduced to zero, either it’s not possible, or it’s too expensive.
The Product Risk Framework has several visualization tools to track the team’s progress throughout the project. It also establishes an organization-wide database documenting risks, resolution efforts, and results.Next: A Portfolio View of Risk