Risks, Issues, and Change Requests › Rate Pre-Defined Risk Factors

Rate Pre-Defined Risk Factors

Organizations typically prefer to allocate budgets to projects which offer low and medium risks. Unless a high-risk project can provide substantial benefits or is strategically essential to business goals, it may be terminated.

Use the Project: Properties: Main - Risk page to rate a pre-defined list of possible risk factors for each project. To view this page, open the project and click Risks from the content menu.

Risks are rated using the following scoring system:

• Red stoplight = High risk
• Yellow stoplight = Medium risk
• Green stoplight = Low risk

After you assign risk rates to the individual factors, an overall risk level for the project is calculated based on the combined risk levels of all the risk factors in the list. The overall risk level appears at the top of the factor list.

How the Risk Rating Component Works with the Other Risk Components

You can rate your project risks on the Project: Properties: Main - Risk page. All other risk management activities are done on the Project: Risks/Issues/Changes: Risks page. If you create a detailed risk on the Project: Risks/Issues/Changes: Risks page, you must assign it to a risk category that is equivalent to one of the risk categories/factors listed on the Project: Properties: Main - Risk page.

The two risk management components interact if you create a detailed risk and its overall score differs from the rating you assigned to that same factor on the Project: Properties: Main - Risk page. In that case, the score of the detailed risk you created overrides the rate you assigned. If you create detailed risk, but do not assign rates on the Project: Properties: Main - Risk page, scores from the risk entries will color the appropriate factor in the list.

You may see risk categories in the Contributing Factors section of the Project: Properties: Main - Risk page uneditable. Once you create a detailed risk and assign it a risk category, the corresponding risk category in the Contributing Factors section becomes uneditable. You can update the rating by updating the corresponding project risk.

Note: Contact your administrator or see the Administration Guide for more information.