Risk Management
The metrics that best work to measure Xemba Translations performance on this project is project diagnostic metrics. While not all risks of a project can be mitigated, using this objective data based on these metrics will make a huge difference to mitigate risk. Using diagnostic project metrics is like using a thermometer to assess the projects current status. This can help eliminate or mitigate the issue before it becomes unmanageable at the close of the project. This can help avoid the, should have, could have, would have moments that may happen once the project closes and gets reviewed from a retrospective project metric. With the diagnostic project metric when an issue does arise a contingency plan can be created if there is a trend toward a major risk as well. Diagnostic project metrics use current project statistics to gage where the project stands throughout the work of the project. This allows the project manager the ability to make better decisions along the route of the project to mitigate risk. Metrics that help improve the decision making, help aid to lower the risk of any project. Diagnostic metrics are comparative measures. The metrics compare a baseline (usually set at time of planning the project) to current project actuals. The actuals are compared to an earned value figure that is determined by where the project should be at that exact moment in time according to the project schedule. These diagnostic metrics will use the actual cost, earned value, and planned value to evaluate schedule variance, schedule performance, cost performance, and cost variance. Schedule performance and schedule variance will evaluate the earned value against the planned value. This will help show if the project is currently on schedule, or if not is it over or under schedule and by how much. Cost variance and cost schedule will reveal how the project is performing compared to the current cost and planned budget. These values will help the project manager assess if the