Track+Risk

7.1 Define Triggering Devicestoc
Tracking risk involves observing project indicators to make an educated guess on when it is time to execute the risk action plan. An indicator implies a value without specifying the quantity directly. A leading indicator is one that has predictive capability. The risk tracking process can be seen from an internal or external view, its success is dependent on the expectations set forth by the process goals.

7.1.1 Process Goals
Process Goals are a set of rules that will suffice the risk tracking process and also ensure the process quality. These goals are:
 * Monitor the events and conditions of risk scenarios. The risk scenarios are set up to give you an indication of what to expect, use it as an indicator to get a feeling of what to look out for.
 * Track Risk indicators for yearly warning.
 * Provide notification for triggering mechanism.
 * Capture results of risk resolution efforts.
 * Report risk measures and metrics regularly.
 * Provide Visibility into risk status.

7.1.2 Process Definition
The IDEF0 diagram below shows the Risk tracking process definition.
 * Process control is a way to regulate the risk tracking process. It includes project resources, project requirements, and the risk management plan. It is located at the top right of the IDEF0 graph.
 * Process inputs includes scenarios, thresholds, and risk status. It is located at the top right of the IDEF0 graph.
 * Process Outputs includes the measures, metrics, and triggers. It is located at the bottom right of the IDEF0 graph.
 * Process Mechanism includes risk tracking techniques, risk tracking tools, and a risk database. It is located at the bottom left of the IDEF0 graph.

7.1.3 Process Outputs
The following tasks are needed to monitor risk and provide notification to trigger risk resolution.
 * 1) Monitor risk scenarios. Monitor the highly important risks. Treat the risk scenario event like they are triggers that are warning you about a forth coming problem, it can provide the evidence needed to foresee issues.
 * 2) Compare thresholds to status. Compare the current status to what their thresholds are will let you know if the system is getting close to the threshold, and is giving you a heads up on where the status is heading.
 * 3) Providing Notification for triggers. When a trigger is set notification is sent to the appropriate personnel through the established communications channel. Sending the right message to the right person could prevent consequence from a risk occurrence or lead to risk resolution.
 * 4) Report risk measures and metrics. A measure is a standard unit of measurement to determine dimension, quantity, or capacity. You have to report all the risk measures and risk metrics and logged them into a database.

7.2 Define Risk Tracking Techniques
Risk tracking techniques are a way to chart progress and report trends. Technical Performance Measures (TPM) describes the quantitative goals for system performance. One technique used to monitor is to use static measures to indicate dynamic risks, and it involves defining warning level of unacceptable status as threshold, Monitor metrics and measures, and using triggers to regulate the risk action plan.

7.2.1 Project Control Panel
A project control panel is a visualization of key project indicators that serves as the status display for management and technical metrics. A project control panel use gauges to display range of each indicator. Some features of the control panel include monitoring of system health, and grouping of metrics. The key indicators for the project control model are:
 * Progress – measurement of the amount of work remaining.
 * Size – Line of code measures.
 * Change –volatility of the software process, how many times the requirements have changed.
 * Quality – number of errors found, fixed and remained.
 * Risk – level of unresolved risk.
 * Staff – lost of man power or adding new team members to the project.

7.2.2 Software Measures
Software measure indicates how well project, process, and product goals are being met. It’s an indication of where a process is comparing to its goal.

7.3 Define Risk Measures and Metrics
This section covers risk measures. There are risk measures that are used to determine risk management metrics like the number of risks, the number of logged risks, the risk category, the risk exposure, the risk severity, and etc…

7.4 Define Triggering Devices
Triggers have three basic functions and they are to activate, deactivate, and to suspend. There are four types of triggers:
 * 1) Periodic event – sends notification for activities, those are scheduled events like monthly reports.
 * 2) Elapsed time – notification for dates. Those are calendars, and etc…
 * 3) Relative variance – notification outside a range of acceptable values. It monitors the actual value versus the quantitative target value and makes sure that the actual value is within a threshold of the target value.
 * 4) Threshold Value- Notification for values that cross a preset threshold. Makes sure that the actual value does not supersede the threshold value, that is very important when it comes to electronic devices.