You can create risks using the Create Risks page. The fields on this page are divided into the following sections: General, Details, Quantify Risk, Attachments, and Resolution.
In the General section, you can define the risk's category. The risk categories are equivalent to the factors that appear in the Contributing Factors section of the Project: Properties: Main - Risk page. When you create a detailed risk and choose one of these risk categories, the overall score from the risk overrides any differing status selection you made for this risk category/factor on the Project: Properties: Main - Risk page.
In the Quantify Risk section, you can complete the risk's probability of occurrence and its impact on the project.
To create a project risk
The Project: Properties: Main - General page appears.
The Project: Risks/Issues/Changes: Risks page appears. If you have not created any risks or had any assigned to you, then none risks will display on this page.
The Create Risk page appears.
Enter short name for the risk.
Limit: 64 characters.
Enter a unique identifier assigned to the risk for tracking. This number must be unique. Once the risk is saved, the Risk ID cannot be changed.
Enter a short description of the risk.
Select the risk category to which you want to assign this risk.
Values: Objectives, Sponsorship, Funding, Resource Availability, Interdependencies, Technical, Human Interface, Organizational Culture, Supportability, Implementation, and Flexibility.
Select an owner to manage the risk. This resource is responsible for ensuring that the risk is managed and tracked appropriately through its lifecycle. If an issue or change request is created from this risk, the owner information is carried over to the issue or change request.
Select the status of this risk.
Values: Open, Work in Progress, Closed, or Resolved.
This read-only field displays the name of the resource who created this risk.
This read-only field displays the date this risk was created.
This read-only field displays the name of the resource who last updated this risk.
This read-only field displays the date this risk was last updated.
Enter the symptoms that have identified this as a risk.
Enter a description of the result this risk will have on the project.
Select the date by which repercussions from this risk might impact the project. If an impact date is identified, make sure to enter a target resolution date as well.
Select the date this risk is targeted to be resolved. This date should be the same or earlier than the impact date.
Enter the assumptions that have determined that this may be a risk. You can verify these assumptions to make sure they continue to be valid through the duration of the risk's life. If the assumptions change, the impact or probability of the risk can also change.
Select from a list of other risks within the same project (or program) that are associated with this risk. You cannot link this risk to risks outside the current project (or program).
Select from a list of other issues within the same project (or program) that are associated with this risk. You cannot link this issue to issues outside the current project (or program).
Select the type of response you want to make with this risk.
Values: Watch, Accept, Transfer, or Mitigate.
Select the probability that the impact will occur. The risk probability is used to calculate the risk exposure
Values: Low, Medium, or High.
Default: Low is assigned the value 1, Medium 2, and High 3.
Select the effect of the particular risk on the project, determined by the risk's effect on the project's performance, supportability, cost, and schedule. This risk impact is used to calculate the risk exposure. Choose the risk impact or consequence from the drop-down.
Values: Low, Medium, or High.
Default: Low is assigned the value 1, Medium 2, and High 3.
This is a read-only score calculated from the selections you make in the Probability and Impact fields.
Enter the final resolution of this risk once the matter is resolved. The completion of this field, although not required, is useful for recalling the outcome of a risk response strategy when planning or approaching future project risk plans.
Select any risks (in the same project or program) that were encountered or created as a result of the mitigation taken to resolve this risk. Unlike associated risks, residual risks do not share similar outcomes, but result from an action you took in the resolution of a risk.
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