Analysis and management of project risks is also a very important activity that a project manager must perform in order to improve the chances for the project. Robert Charette defines risk as follows:
Risk concerns future happenings. Today and yesterday are beyond active concern. The question is, can we, therefore, by changing our action today create and opportunity for a different and hopefully better situation for ourselves tomorrow. This means, second, that risk involves change, such as changes in mind, opinion, action, or places. … [Third,] risks involve choice, and the uncertainty that choice itself entails.
A good metric system is the one which is simple and cheap and at the same time adds a lot of value for the management. Following are some of the examples that can be used for effective project control and management.
We can collect data about the defects reported, and defects fixed and plot them in the following manner, with their difference showing the defects yet to be fixed. This can give us useful information about the state of the product. If the gap between the defects reported and defects fixed is increasing, then it means that the product is in unstable condition. On the other hand if this gap is decreasing then we can say that the product is in a stable condition and we can plan for shipment.