North Star Business Consulting, LLC is a company focused on providing specialized business consulting services to companies engaged in large information technology and/or work process transformations. The primary service offering is ‘Risk Runner’ which is a unique risk management process and software package providing a holistic company approach of identifying and managing risks thru the lifecycle of a project.
Risk Runner provides a process and supporting software application which enables leaders to manage comprehensive risks on a large scale. Many project methodologies focus solely on Budget, Schedule, Issues, and Resources but fail to include Risk management in the decision process. The Risk Runner model is designed to independently mange the challenges associated with complex, multi-tier projects.
The Risk Runner approach recognizes that all risks are not created equal and provides the capability of weighting and compounding to provide a valid aggregate risk metric. Additionally, this tool provides integrated multi-dimensional reporting which allows program leadership to quickly understand the key risks and proactively develop actions to manage.
Some of the key capabilities of this tool enable the user to:
Identify, quantify, and properly categorize the risks
Determine the probability of occurrence and the compound impact to the project
Articulate plans to manage, and assign leader accountability
Continuous measurements to ensure that risk targets are proactively managed.
The Risk Runner methodology anticipates and eliminates root causes of project failures by early identification of ‘upstream’ risks before they become ‘downstream’ problems.
Since 2008, this proven methodology has been used to support the successful execution of ten large projects (systems and process transformation, Acquisitions, Divestitures) with a combined investment exceeding five billion USD.
Many large information systems and work process transformation projects fail to deliver on the value expected by management. Studies conducted by the Standish Group evaluated 1500 global projects worth 245 billion USD and concluded the following:
Average cost of these projects were 170 million USD
Average project cost exceeded planned budgets by 90%
Average projects overran planned schedule by 120%
31% of the projects were canceled before completion
52% of the projects costs 189% of the original estimate