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)
Copyright 2014

Rufran is the author of the book Risk-based Management in the World of Threats and Opportunities: A Project Controls Perspective.
• https://youtu.be/LDESPW6OYkg
• http://www.amazon.com/RUFRAN-C.-FRAGO-PMI-RMP/e/B01055MPYI
• https://www.amazon.com/author/rufrancfrago

For those who are interested, please join Rufran at (click hyperlink) the following sites.
1) LinkedIn Risk-based Management (RBM) Group
https://www.linkedin.com/groups/6575331
2) My Oil Pro
http://oilpro.com/rufran
3) Risk-based Management and Services Inc. Facebook
https://www.facebook.com/RiskBasedManagement/
4) Your World, Our Risk Universe: WordPress
https://rufrancfrago.wordpress.com/tag/rufran-frago/
5) E-Touch Up: A Brand of RBM&S Inc.
https://www.facebook.com/ETouchUp/
6) Author Page: Amazon.com
http://www.amazon.com/RUFRAN-C.-FRAGO-PMI-RMP/e/B01055MPYI
7) LinkedIn Professional Website
https://www.linkedin.com/in/rufranfrago
Other articles authored by Rufran Frago.
1) Schedule Critical path
https://www.linkedin.com/pulse/schedule-critical-path?trk=pulse-det-nav_art
2) Primer to Good Schedule Integration
https://www.linkedin.com/pulse/primer-good-schedule-integration-rufran?trk=pulse-det-nav_art
3) Project Schedule: P50, Anyone?
https://www.linkedin.com/pulse/project-schedule-p50-anyone-article-rufran-frago-edmonton-section
4) Schedule Baseline Dilemma Part 1
https://www.linkedin.com/pulse/schedule-baseline-dilemma-part-1-rufran?trk=pulse-det-nav_art
5) Schedule Baseline Dilemma Part 2
https://www.linkedin.com/pulse/schedule-baseline-dilemma-part-2-rufran?trk=pulse-det-nav_art
6) 4D Scheduling Part 1: What is it about?
https://www.linkedin.com/pulse/4d-scheduling-my-vista-part-1-rufran?trk=pulse-det-nav_art
7) Risks as a Function of Time
https://www.linkedin.com/pulse/risk-function-time-rufran-frago-p-eng-pmp-ccp-pmi-rmp-?trk=pulse-det-nav_art
8) Oil Price, Recession: Causes, Issues and Risks
https://www.linkedin.com/pulse/oil-price-recession-causes-issues-risks-rufran?trk=pulse-det-nav_art

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

  1. 1. AUTHOR : RUFRAN C. FRAGO, P.Eng, PMP®, CCP, PMI-RMP® REVISION 1: November 30, 2015 RCF’s KRI Series Presentation 1
  2. 2. 2 The gaps represent the project’s 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.
  3. 3. 3 3 ANNOUNCEMENT! More learning related to the subject can be found in the book "Risk-based Management in the World of Threats and Opportunities: A Project Controls Perspective." It is now available in paperback and Kindle edition at Amazon.com. Follow the hyperlinks below for more information. http://www.amazon.com/RUFRAN-C.-FRAGO-PMI-RMP/e/B01055MPYI http://www.amazon.com/dp/B0104OFUDI/ref=rdr_kindle_ext_tmb https://www.amazon.com/author/rufrancfrago The book provides new/additional knowledge to project management practitioners (beginners to experts), risk management specialists, project controls people, estimators, cost managers, planners and schedulers, and for students of undergraduate courses in Risk Management. The sectional contents offer practical and common sense approach to identifying/managing risks. It is a must have for company managers, directors, supervisors, aspiring industry professionals, and even those students fresh from high school. The material is especially design to start with the foundational principles of risk gradually bringing the reader to deeper topics using a conversational style with simple terminologies. You can grab a copy now. https://youtu.be/wxWgYUhiWos Source: Frago, R., 2015.Risk-based Management in the World of Threats and Opportunities: A Project Controls Perspective
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  5. 5. 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 5
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  7. 7. When you look into that space, think about your Project bench mark Don’t be a fool… Don’t 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. 7
  8. 8. Some managers ignore the key risk indicator Heck, what am I thinking?! Source: Fun on the Net, (2014). Original drawing by Frago, R., 1991 8
  9. 9. 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 9
  10. 10. Apply persistence and perseverance where it makes sense, otherwise, it is not always a good thing. Source: Fun on the Net, 2014 10
  11. 11. REFERENCES 1. Frago, R., 2015.Risk-based Management in the World ofThreats and Opportunities:A Project Controls Perspective 2. Wikipedia, 2013.Key Risk Indicators.Retrieved from http://en.wikipedia.org/wiki/Key_Risk_Indicator 3. Barford, P.,(2012).Protecting Sites fromTheft - Coiney Style.Picture retrieved from http://paul-barford.blogspot.ca/2012/02/protecting-sites-from-theft- coiney.html 4. Fun on the Net, (2014).The Worst Parking Jobs Ever!.Picture retrieved from http://www.funonthenet.in/articles/worst-parking-jobs.html 5. Miller,V., (2009). Boulder High mulling solutions to parking problem.Picture by Caivano, M. retrieved from http://www.dailycamera.com/news/ci_13737776 6. The problematic manager.Original drawing by Frago, R. (1991) 7. Diaz, B., (2007). Parallel Parking Rant Blog.Picture retrieved from http://www.smartcarofamerica.com/forums/f4/parallel-parking-rant-23606/ 11
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