IVI Framework Viewer

Representative POMs are described for Risk Management at each level of maturity.

2Basic

• Practice

  Develop processes to identify project risks.

  Outcome

  The risk to the programme introduced by programme components is identified.

  Metrics

  • The number of unidentified risk events impacting projects.
  • The number of identified risks impacting projects.
  • Impact of risk events on projects (may be expressed as person days lost, schedule slippage, cost, and so forth).

• Practice

  Develop processes and procedures to manage identified project risks.

  Outcome

  The management of project risk improves.

  Metrics

  • The number of unidentified risk events impacting projects.
  • The number of identified risks impacting projects.
  • Impact of risk events on projects (may be expressed as person days lost, schedule slippage, cost, and so forth).

3Intermediate

• Practice

  Ensure both positive and negative risks are identified and managed.

  Outcome

  Risk management addresses the minimization of potentially negative risks and the maximization of potentially positive risks.

  Metrics

  • The number of unidentified risk events impacting projects.
  • The number of identified risks impacting projects.
  • Impact of risk events on projects (may be expressed as person days lost, schedule slippage, cost, and so forth).

• Practice

  Communicate and promote the use of project risk management-related processes.

  Outcomes

  • Stakeholder assistance in identifying and managing project risk is enhanced.
  • Risk communication is simplified — this is particularly important where multiple companies are delivering the projects.

  Metrics

  • The number and percentage of projects using standard risk notation.
  • The number and percentage of risks documented using standard notation.

4Advanced

• Practice

  Analyse risks as potentially emerging from multiple sources and as having multiple (differing) impacts on programme components.

  Outcomes

  • Project risk management is more comprehensive and effective.
  • Unforeseen risks are less likely.

  Metric

  Stakeholder group view of risk metrics e.g. the number of risks identified, managed, accepted, and the impact of risk events when they occur.

• Practices

  • Consider cyclical criteria when identifying and managing project risks.
  • Leverage and enhance the project management information system (PMIS) to support on-going improvements.

  Outcome

  Many risks are cyclical (e.g. flooding, storms, etc.) and learning from the past enhances risk management approaches.

  Metrics

  • The number of cyclical concepts e.g. weather, seasons, rush-hour traffic, operations schedules, or other cyclical matters that may be relevant.
  • Number and percentage of risks highlighted at the start versus actual risks detected over the course of the project.

5Optimized

• Practice

  Analyse risk and potential risk event impacts from multiple stakeholder perspectives.

  Outcomes

  • Better managed communications.
  • Some risk events can be beneficial to some stakeholders while negatively impacting others.
  • The rationale for decisions needs to be communicated sensitively.

  Metric

  Stakeholder group filters that can be applied to project risk metrics.

• Practices

  • Execute a programme of continuous improvement around project risk management.
  • This should leverage best-known industry practice, research findings, and the advice of programme management tools vendors.

  Outcome

  Project risk management uses best-known industry practices.

  Metric

  The number of project risk management innovations.