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

Section: Description

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.

* Required field

Field: Criticality

Field: Project reserved cost

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

Section: Treatment

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.
Handled 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.

* Required field

Opportunities

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

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.

* Required field

Field: Criticality

Field: Project reserved gain

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

Section: Treatment

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.
Handled 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.

* Required field

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

Section: Description

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.

* Required field

Section: Treatment

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.
Handled 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.

* Required field

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

Section: Description

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.

* Required field

Section: Treatment

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.
Handled 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.

* Required field