042214 Rufran's Key Risk Indicator 01 (Series Presentation)

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Hi @ALL, In an organizational perspective, key risk indicators are metrics capable of showing that it is subject to risk/s that may or may not exceeds the defined risk appetite (Wikipedia, 2013). In an individual perspective, key risk indicators are metrics capable of showing that his/her interest is subject to risk/s that may or may not exceeds the defined risk appetite (Frago, R. 2014). Standards and/or benchmarks are yardsticks that came to be because a group of people, an associations, a law making body, a community, and/or culture agreed to have one and use it as such. I always see standards as a box, representing all the traditional or accepted boundaries of doing things. This presentation is just the start of our conversation in bringing to fore KRI and making them clear to all. If you believe as I do that risk-based management is part of our daily life, you will be in terested in KRIs. Cheers, Rufran (042214)

Text of 042214 Rufran's Key Risk Indicator 01 (Series Presentation)

  • AUTHOR : RUFRAN C. FRAGO, P.Eng, PMP, CCP, PMI-RMP REVISION : April 22, 2014 RCFs KRI Series Presentation 1
  • 2 The gaps represent the projects departures from the agreed-to measurement (benchmark or standard). Whether, the base measurements reflect the best practice in the industry is another story, as the subject can be contentious as anything else. Suffice it to say at this time, that the boundaries give us more than ample KRI information. Standards and/or benchmarks are yardsticks that came to be because a group of people, an association, a law making body, a community, and/or culture agreed to have one and use it as such. I always see standards and benchmark as a box, representing all the traditional or accepted boundaries of doing things. The box tries to contain what can be done, and what should be done with good measure.The lines we see in the parking lot for one are good syllogism of boundaries. If we stick within that boundary in parking our vehicle, there is less problem of getting a dent. If we go over the line boundary, the probability of damage rises. In the same manner, in the world of project management, such situations permit risk manager to put together his key risk indicators by looking at the gaps before him.
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  • In an organizational perspective, key risk indicators are metrics capable of showing that it is subject to risk/s that may or may not exceed the defined risk appetite (Wikipedia, 2013). In an individual perspective, key risk indicators are metrics capable of showing that his/her interest is subject to risk/s that may or may not exceed the defined risk appetite (Frago, R. 2014). Source: Wikipedia, 2013.Key Risk Indicators.Retrieved from http://en.wikipedia.org/wiki/Key_Risk_Indicator 4
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  • When you look into that space, think about your Project bench mark Dont be a fool Dont be fooled Picture by Barford, P. (2012) Picture by Diaz, B, 2007 When you look into this parking lot, think about your Project bench marks. 6
  • Some managers ignore the key risk indicator Heck, what am I thinking?! Source: Fun on the Net, (2014). Original drawing by Frago, R., 1991 7
  • False success can be inevitable due to hard headedness? Okay, you started the project, now how do you get out? Source: Miller,V., 2009-Picture by Caivano, M, 2009 8
  • Apply persistence and perseverance where it makes sense, otherwise, it is not always a good thing. Source: Fun on the Net, 2014 9
  • REFERENCES 1. Wikipedia, 2013.Key Risk Indicators.Retrieved from http://en.wikipedia.org/wiki/Key_Risk_Indicator 2. Barford, P.,(2012).Protecting Sites fromTheft - Coiney Style.Picture retrieved from http://paul-barford.blogspot.ca/2012/02/protecting-sites-from-theft- coiney.html 3. Fun on the Net, (2014).The Worst Parking Jobs Ever!.Picture retrieved from http://www.funonthenet.in/articles/worst-parking-jobs.html 4. Miller,V., (2009). Boulder High mulling solutions to parking problem.Picture by Caivano, M. retrieved from http://www.dailycamera.com/news/ci_13737776 5. The problematic manager.Original drawing by Frago, R. (1991) 6. Diaz, B., (2007). Parallel Parking Rant Blog.Picture retrieved from http://www.smartcarofamerica.com/forums/f4/parallel-parking-rant-23606/ 10
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