Risk
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.
The following topics are covered.
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
- Navigate to Project > User > Risks > New Risk.
- 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
- Navigate to Project > User > Risks > Risk List.
- The following Window is displayed.
Figure: Risk List
For more information on the Risk List, refer the table below.
Field | Description |
---|---|
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.
Confluence Cloud Migration Alert: Please refer to known issues you may encounter in Confluence Cloud: https://eitdocs.atlassian.net/wiki/x/wDGwAQ