Description
Risk Data Quality Assessment |
It is a technique used in project management to assess the usefulness of the information available to manage the risk. Not all the information gathered during risk identification is useful. So the quality of risk information collected plays a key role in the success of the project and hence the project manager should be cautious enough to avoid poor data on risks, as it results in a poor Qualitative Risk Analysis.
Some of the tools used to assess the Risk Data Quality include stakeholder’s perceptions of the risk information based on the following characteristics.
1. Timelines of Project/ Task
2. Objectivity of Project/ Task
3. Completeness of Project/ Task
4. Relevancy of Project/ Task
Usually, a weighted score of all the risk characteristics is used to determine the overall quality of risk data.
Example –
Let us say for a project “Laying out pipelines in the city” the stakeholders have given the following rating on an online survey conducted by the project manager for various characteristics of the risk information gathered for the project.
1. Timelines – Information Risk Rating – 3/10
2. Objectivity – Information Risk Rating – 9/10
3. Completeness – Information Risk Rating – 10/10
4. Relevancy – Information Risk Rating – 2/10
Add weihtage to each characterstic.
1. Timelines – Weight – 40%
2. Objectivity – Weight – 20%
3. Completeness – Weight -20%
4. Relevancy – Weight – 20%
Total Risk Data Quality score = 3/10*(0.40)+9/10*(0.20)+10/10*(0.20)+2/10*(0.20)
= 0.54
If 50% is the qualifying criteria for the risk quality to be of good information and since in our example its score is 54% (i.e. above 50%), so we can consider the risk data quality good to go.
This technique mentioned here is used for Risk Management during the Planning Phase of the project.
It belongs to the tool category – Data analysis
Where it is Used
Process Groups
This tool is used in the following Process Group(s) during the project management
Planning
Knowledge Areas
This tool is used in the following Knowledge Areas during the project management
Project Risk Mgmt.
Activities
This technique is used while performing the following project management activities by the project manager and the team
Perform Qualitative Risk Analysis
Process Group | Knowledge Area | Activity |
Planning | Project Risk Mgmt. | Perform Qualitative Risk Analysis |
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