Development the System of Early Warning Indicators for the Project

This research aims to investigate and provide possible solution to existing problem of designing early warning indicators system which provides a basis for preliminary measures to mitigate risks beforehand. Implementation of the early warning system increases probability of successful completion of the project on time and on budget, furthermore, it increases level of major stakeholders awareness of project risks, potential threats and risks triggering events. The paper contains a step-by-step description of system designing based on project risk analysis and general limitation to the approach. Completed approbation of the approach to designing early warning indicator system was carried out on the example of international company, results proved that this method is capable of predicting possible threats in advance. Managerial value both for the project team and for the company is outlined and guidelines on how to implement and maintain the system on current basis are provided.