No matter how good a project manager you are, you can’t eliminate risk in IT projects. But you can and must manage it. And since you can’t manage what you can’t measure, good risk metrics should be part of your project tool kit.

Measuring Project Risk
Without accurate risk metrics, you can fail to mitigate serious risks and end up watching your project fail. Or you can misspend in an overblown effort to mitigate risks that will never come to pass or that won’t cause much damage if they do. Here’s how to get a handle on project risk.

Read more at:
http://www.computerworld.com/managementtopics/management/project/story/0,10801,107541,00.html