A simple yet robust and powerful framework for opportunity and risk management in large, complex projects has been described in the paper 2012-11 “Take Risks, but Take Risks the Right Way: Reframing the Opportunities and Risk Process for Complex Projects”. In addition, Project Value Delivery offers here a valid quantitative risk measurement system for complex projects. It is simple, and it is extremely powerful and easy to use by the project leader as a decision tool.

The only thing is not to be afraid of basic mathematical formulas! In our new White Paper 2012-12 “Estimate Your Actual Risk Level in a Project: the PVD Risk Level Formula”, we give a very simple approach to evaluate the real risk level of the upcoming activities of your project.

It is simply based on the consumption of the float before the main convergence points of the project. The convergence points are defined in the project’s convergence plan (see White Paper 2012-04 “Convergence Management: the Key to Large, Complex Projects Success“). If the key activities are delayed one month every month, you won’t converge and the cost will become infinite.

Beware of really taking into account the convergence plan convergence points and not milestones defined arbitrarily by management to apply this method, not like in the cartoon!

Check out our new quantitative approach to risk in our new White Paper 2012-12 “Estimate Your Actual Risk Level in a Project: the PVD Risk Level Formula” – a simple, robust way of measuring and prioritizing your risk areas in large, complex projects.