Risks, Issues, and Change Requests › Risk Management Overview

Risk Management Overview

The process of risk management includes the identification, analysis, planning, tracking, and communication of risk. Risk strategies help project managers more effectively address uncertainty, thereby minimizing the costly consequences of unforeseen or unmanaged problems. Making informed decisions by consciously assessing potential problems and the severity of their impact is at the heart of project risk management.

You can identify risks at any time during a project's lifecycle. When you identify a significant risk that appears likely to impact the project in an important way, you can escalate it to an issue. Change requests result from risk and issue identification, and can help facilitate effective resolutions.

The Risk Management feature consists of the following components:

• Risk Rating. Rate pre-defined risk factors by severity level.
• Risks. Create, assign, and track risks, and design response strategies for them.
• Issues. Create, assign, and track issues.
• Change Requests. Create, assign, and track change requests.

There are no limits on the number of risks, issues, and change requests you can create for each project. You can convert risks to issues, issues to risks, and both to change requests.

You can rate your risks on the Project: Properties: Main - Risk page. All of the other risk management components and actions that you can perform are on the Project: Risks/Issues/Changes: Risks page within a project.

In addition, you can do the following for each risk, issue, and change request:

• Create action items
• Attach documents and notes
• Create an audit trail to track progress
• Create processes

More information:

Access Rights (Projects)

How to Create and Manage Risks