Can the team measure progress in reducing uncertainty and risk throughout the project?
As the project team progresses through the product development process 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.
Visualization tools help the team track progress throughout the project.