Risk

Owned by Enterprise IT
Last updated: Apr 23, 2024 by Mayuresh Balaji Kamble (Unlicensed)Version comment
2 min read

Risks

Any uncertain event or condition that, if it materializes, could positively or negatively impact the project's goals, schedule, budget, quality, or overall success is referred to as a risk in the context of project management. To guarantee that projects are performed on schedule, within budget, and with the necessary degree of quality, project managers identify and manage risks.

Project managers improve the likelihood of project success and reduce the possible negative effects that risks may have on project objectives by proactively managing risks. Effective risk management boosts a project's adaptability, promotes decision-making, and enables better resource allocation to address possible problems before they worsen.

New Risks

Project management can experience new risks as new difficulties and situations materialize. It is crucial to remember that risks might change depending on the project's nature, the industry, and other contextual elements. Project managers must constantly evaluate and modify their risk management plans to account for fresh threats. Regular monitoring, stakeholder involvement, and keeping up of market trends can all aid in identifying and addressing these risks.

Configure New Risks

  1. Navigate to Project > User > Risks > New Risk.
  2. The following Window is displayed.

     
      Figure: New Risk

      3. Enter the required details on the New Risk page and SUBMIT.

 For more information on the New Risk, refer the table below.

Field

Description

Project

Specify the Project from the list.

Risk Name

Identify a name for the Risk.

Status

Specify the Status as Active or Closed

Effect on Project

Enter a brief description on the Effect of the risk on the Project.

Probability

Rate the Probability on a scale from 1 – 10.

Severity

Enter the Severity.

Triggers

Specify the Triggers.

Date Identified

Enter the Date Identified.

Impact

Choose the Impact on a scale from 1 – 10. 

Owner

Select the User from the search list.

Actions

Enter the Actions taken in the specified column.

    

       4. On the right-side ACTIONS tab, click SHOW LIST to view the Risk List page.

Risk List

Risks can vary depending on the Project undertaken. Several Risks common to Project Management can be broadly categorized into Delays, Resource Constraints, Budget Constraints, Quality Issues, Communication Breakdown, Technology Challenges, Scope Creep, Data Security and Privacy, and External Factors. Project managers must undertake a thorough risk assessment tailored to their project and industry to effectively identify and manage risks.

Configure Risk List

  1. Navigate to Project > User > Risks > Risk List.
  2. The following Window is displayed.

     
      Figure: Risk List

For more information on the Risk List, refer the table below.

FieldDescription

Risk Id

The unique ID given to the Risk.

Date Identified

The date when the Risk was identified.

Status

Specify the Status if it is Active, Converted, Closed.

 3. Under the right-side ACTIONS tab, click ADD NEW to add a new Risk and CONFIGURE COLUMNS to add new columns to the Risk List page.