An interesting functionality for Project Portfolios or large projects is an early warning system, which can be set up individually for your specific purposes. The early warning system for projects FWSP is a system by which warning signs pointing out critical projects or project situations can be made visable at an early stage.
Following a mutual definition with yourselves information is tracked which based on experience have turned out to be risk relevant in (your) projects. The FWSP uses data already available in your PM systems (PM software), project documentation, project reports and other sources as far as possible (in most of the cases an EXCEL application with the necessary data access is sufficient). This way a number of combined parameters are formed. Accumulations of defined risk factors then allow an early detection of potentially risky situations.
In case there are no or not sufficient data available additional instruments can help to derive the respective information. This can be check lists for example which have to be filled electronically at certain project milestones.
Parameters can be combined on the basis of different categories (e.g. customer, contract, technique, resources, suppliers, stakeholder, financial indicators etc.). For each of these categories 2-10 different single queries are made and finally individual and then overall parameters are being set up. Result is a combined overview which shows risk factors very early, neatly arranged and comprehensably.
"Big Data" and "Big Wisdom" are joining forces this way. The analysis is done on a regular basis, this way trends become visible. The system FWSP can be permanently improved with little effort, measures and actions can thus be taken earlier than before. The success rate can reach 70%-90% over time.
For little cost your risk monitoring can be efficiently improved.