Risks

A risk is any threat of an event that may have a negative impact to the project, and which may be neutralized, or at least minimized, through pre-defined actions.

The risk management plan is a key point to project management :

• Identify risks and estimate their severity and likelihood.

• Identify mitigating actions.

• Identify opportunities.

• Follow-up actions.

• Identify risks that finally occur (becoming an issue).

Contingency reserve

• Contingency reserve is defined according to monetary impact and likelihood of occurrence.

• Contingency reserve for risks and potential gain for opportunities allow to define the project reserve. (See: Project reserve)

Monitoring indicator

• Possibility to define indicators to follow the respect of dates values.

Respect of initial due date

Respect of planned due date

Other sections

• Linked element

• Attachments

• Notes

Section Description

Required fields

Field	Description
Id	Unique Id for the risk.
Name	Short description of the risk.
Type	Type of risk.
Project	The project concerned by the risk.
Severity	Level of importance of the impact for the project.
Likelihood	Probability level of the risk to occur.
Criticality	Global evaluation level of the risk.
Cost of impact	Impact cost of the risk.
Project reserved cost	The reserve amount according to the risk likelihood.
Origin	Element which is the origin of the risk.
Cause	Description of the event that may trigger the risk.
Impact	Description of the estimated impact on the project if the risk occurs.
Description	Complete description of the risk.

Field Criticality

Automatically calculated from Severity and Likelihood values. See: Criticality value calculation. Value can be changed.

Field Project reserved cost

Automatically calculated from the percentage defined for the selected likelihood. (See: Likelihoods)

Section Treatment

Required fields

Field	Description
Status	Actual status of the risk.
Responsible	Resource who is responsible for the treatment of the risk.
Priority	Expected priority to take into account this risk.
Initial end date	Initially expected end date of the risk.
Planned end date	Updated end date of the risk.
In progress	Flag to indicate that risk is taken into account.
Done	Flag to indicate that risk has been treated.
Closed	Flag to indicate that risk is archived.
Cancelled	Flag to indicate that risk is cancelled.
Result	Complete description of the treatment done on the risk.

Opportunities

Other sections

• Linked element

• Attachments

• Notes

An opportunity can be seen as a positive risk. It is not a threat but the opportunity to have a positive impact to the project.

Potential gain

• The potential gain is defined according to the expected amount and likelihood of occurrence.

• Contingency reserve for risks and potential gain for opportunities allow to define the project reserve.

• See: Project reserve

Section Description

Required fields

Field	Description
Id	Unique Id for the opportunity.
Name	Short description of the opportunity.
Type	Type of opportunity.
Project	The project concerned by the opportunity.
Significance	Level of importance of the impact for the project.
Likelihood	Evaluation of the estimated improvement, or positive impact, on the project of the opportunity.
Criticality	Global evaluation level of the opportunity.
Expected improvement	Expected amount of the opportunity.
Project reserved gain	The estimated gain, according to the opportunity likelihood.
Origin	Element which is the origin of the opportunity.
Opportunity source	Description of the event that may trigger the opportunity.
Impact	Description of the estimated positive impact on the project.
Description	Complete description of the opportunity.

Field Criticality

Automatically calculated from Significance and Likelihood values. See: Criticality value calculation - Value can be changed.

Field Project reserved gain

Automatically calculated from the percentage defined for the selected likelihood. (See: Likelihoods)

Section Treatment

Required fields

Field	Description
Status	Actual status of the opportunity.
Responsible	Resource who is responsible for the opportunity.
Priority	Expected priority to take into account this opportunity.
Initial end date	Initially expected end date of the opportunity.
Planned end date	Updated end date of the opportunity.
In progress	Flag to indicate that opportunity is taken into account.
Done	Flag to indicate that opportunity has been treated.
Closed	Flag to indicate that opportunity is archived.
Cancelled	Flag to indicate that opportunity is cancelled.
Result	Complete description of the treatment of the opportunity.

Criticality value calculation

Criticality value is automatically calculated from Severity (Significance) and Likelihood values.

Criticality, Severity (Significance) and Likelihood values are defined in lists of values screens.

See: Criticalities, Severities and Likelihoods screens.

In the previous screens, a name of value is set with numeric value.

Criticality numeric value is determined by a simple equation as follows:

Equation

• [Criticality value] = [Severity value] X [Likelihood value] / 2

• For example:

  • Critical (8) = High (4) X High (4) / 2

Default values

• Default values are determined.

• You can change its values while respecting the equation defined above.

Issues

An issue is a problem that occurs during the project.

If the risk Management plan has been correctly managed, issues should always be occurring identified risks.

Actions must be defined to solve the issue.

Monitoring indicator

• Possibility to define indicators to follow the respect of dates values.

Respect of initial due date

Respect of planned due date

Other sections

• Linked element

• Attachments

• Notes

Section Description

Required fields

Field	Description
Id	Unique Id for the issue.
Name	Short description of the issue.
Type	Type of issue.
Project	The project concerned by the issue.
Criticality	Level of importance of the impact for the project.
Priority	Priority requested to the treatment of the issue.
Origin	Element which is the origin of the issue.
Cause	Description of the event that led to the issue.
Impact	Description of the impact of the issue on the project.
Description	Complete description of the issue.

Section Treatment

Required fields

Field	Description
Status	Actual status of the issue.
Responsible	Resource who is responsible for the issue.
Initial end date	Initially expected end date of the issue.
Planned end date	Updated end date of the issue.
In progress	Flag to indicate that issue is taken into account.
Done	Flag to indicate that issue has been treated.
Closed	Flag to indicate that issue is archived.
Cancelled	Flag to indicate that issue is cancelled.
Result	Complete description of the treatment of the issue.

Actions

An action is a task or activity that is set-up in order to :

• Reduce the likelihood of a risk

• or reduce the impact of a risk

• or solve an issue

• or build a post-meeting action plan

• or just define a “to do list”.

The actions are the main activities of the risk management plan.

They must be regularly followed-up.

Private action

• Private actions allow to manage a personal to-do list.

Monitoring indicator

• Possibility to define indicators to follow the respect of dates values.

Respect of initial due date

Respect of planned due date

Other sections

• Linked element

• Attachments

• Notes

Section Description

Required fields

Field	Description
Id	Unique Id for the action.
Name	Short description of the action.
Action type	Type of action.
Project	The project concerned by the action.
Priority	Priority requested to the treatment of the action.
Private	Box checked allows to define a private action.
Description	Complete description of the action.

Section Treatment

Required fields

Field	Description
Status	Actual status of the action.
Responsible	Resource who is responsible for the action.
Initial due date	Initially expected end date of the action.
Planned due date	Updated end date of the action.
In progress	Box checked indicates that the action is taken over.
Done	Box checked indicates that the action has been treated.
Closed	Box checked indicates that the action is archived.
Cancelled	Box checked indicates that the action is cancelled.
Efficiency	Evaluation of the efficiency the action had on the objective (for instance on the risk mitigation).
Result	Complete description of the treatment of the action.