Risk Management and Inititative Tracking
Sample Risk Management Outcomes
- Improves Confidence in the Initiative or Project Process: produces accurate and reliable probabilities. As risks materialize, the tool updates in real-time to provide management time to remediate/mitigate and prevent schedule/cost impact
- Quantifies Unknown Risk: functioning as an early warning system, efficiently identifies issues before they become high risk and expensive, enabling proactive issue management and better allocation of resources
- Collects unbiased opinions to strengthen the accuracy and fidelity of management reporting
Do want to improve your track record for completing projects on time, on budget and within acceptable quality ranges? Prediction markets are a unique and successful way to gather early warning indicators of whether your projects are “getting derailed” or “off track”. Since prediction markets are dynamic and information is aggregated across multiple participants, markets break through social barriers of complex projects across functional and geographic boundaries. Participants can share knowledge in real-time and in an anonymous way. When leaders receive early indicators that a project schedule has slipped or a product component is not ready as planned, immediate and proactive decisions can be made to reallocate resources or secure alternative sourcing in real time— reducing risks, shortening delays and saving costs in the long term.
By tapping the predictive powers of collective wisdom and gathering information on what's going to happen — in the short-term and in the long-term, you can achieve a higher level of business performance and competitive advantage. With the Foresight Prediction Market platform, you can effectively capture and aggregate team confidence about key events to reduce cost, quality, and time risks.
Learn more about the business value from our customers’ success:
Best Buy: accurately predicted delays in new service launch, enabling leaders to push out public launch until all components of new services could meet customer expectations
Ingenix: accurately predicted utilization of service delivery resources, allowing for re-allocation of resources and meeting customer expectations