Risk Management - 2283 Words

The metrics that best work to measure Xemba Translations performance on this project is project diagnostic metrics. While not all risks of a project can be mitigated, using this objective data based on these metrics will make a huge difference to mitigate risk. Using diagnostic project metrics is like using a thermometer to assess the projects current status. This can help eliminate or mitigate the issue before it becomes unmanageable at the close of the project. This can help avoid the, should have, could have, would have moments that may happen once the project closes and gets reviewed from a retrospective project metric. With the diagnostic project metric when an issue does arise a contingency plan can be created if there is a trend†¦show more content†¦This analysis has noted that the cost and the hours has returned negative numbers indicating that these two items have exceeded the earned value. While these numbers have exceeded the earned value the tasks have equaled ze ro indicating that currently the project is on task, while the days is actually a positive two indicating that we have earned more days that was planned to this point in the project. While this project is ahead of schedule, it is not far enough ahead of schedule to justify the reason why it is so far over budget and hours. The number of tasks to be completed is still the same as scheduled at this point in the project. These metrics are highlighting two items that could possibly lead to some changes and mandates to the project and this junction in the project. As the number of hours and cost are over the planned value it could be deduced that workers are putting in significant overtime to complete the tasks assigned. If these numbers would have not be analyzed until the completion of the project this could have gone unnoticed, again proving why these diagnostics help make informed decisions to mitigate risk and keep project on its planned, budgeted course. Data Actual cost: Cost- 112,586.02 Days- 76 Tasks- 21 complete Hours-Show MoreRelatedRisks And Risks Of Risk Management3542 Words   |  15 Pagesvalue of risk management in healthcare industries today. Not only is it difficult to quantify how risk is prevented because it didn’t happen; challenging measures need to be taken to assess risk managements effectiveness and efficiency. Risk management reduces the likelihood of specific losses by formulating tactical strategies and gathering data on potential threats in the workplace. 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