One part of Risk management involves the measurement of risk. Risk is an elusive scenario that may or may not happen. So, how to you anticipate and measure risk in IT projects. These are some methods that you may consider for measuring risk.
Historical data is the classical way of getting data. You can also reference similar projects and obtain the data as a benchmark. By projection of these data, you can measure risk and build your strategy around these risks. However, these methods have its drawbacks. This is because you may over invest and overestimate based on historical data.
Active monitoring is most widely used in Cloud. This is usually resource intensive for your family servers. Risk are captured real time and send for corrective actions. The purpose of active monitors helps to mitigate risks with known scenarios. Ironically, this is rarely used due to the higher cost.
It is useful to list out the risks and mitigations. In many cases, measurement of risks have been neglected. If you have a risk team in place, you will want to continue understanding and measure risks. This approach will give you clear indicator of potential risks regardless of the method you used.