Risks, Issues, Change Requests, and Action Items › Risks › How to Create Risks › Create Detailed Risks

Create Detailed Risks

Use the following procedure to create a detailed risk. Suppose, you create a detailed risk and specify a risk category. The overall score from the risk overrides any differing status selection you make for the risk category or factor on the main risk page.

Follow these steps:

1. Open the project and click Risks/Issues/Changes.

   The risks page appears.

2. Click New.

   The create page appears.

3. Complete the following fields in the General section of the page:

   Risk Name

   Defines the short name for the risk. If you create a risk from a change request, the value for the field loads from the Change Request Name field. If you create a risk from an issue, the value for the field loads from the Issue Name field on the issue properties page.

   Limit: 64 characters

   Required: Yes

   Risk ID

   Defines the unique identifier for the risk. Once the risk is saved, you cannot change the identifier.

   Required: Yes

   Description

   Defines the short description of the risk. If you create a risk from a change request, the value for the field loads from the Description field on the change request properties page. If you create a risk from an issue, the value for the field loads from the Description field on the issue properties page.

   Required: No

   Category

   Defines the risk category to assign the risk. If you create a risk from a change request, the value for the field loads from the Category field on the change request properties page. If you create a risk from an issue, the value for the field loads from the Category field on the issue properties page.

   Values: Objectives, Sponsorship, Funding, Resource Availability, Interdependencies, Technical, Human Interface, Organizational Culture, Supportability, Implementation, and Flexibility

   Required: No

   Owner

   Defines the name of the resource who is managing the risk. This resource is responsible for verifying 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.

   Default: The resource currently logged in

   Required: Yes

   Priority

   Defines the priority level for this risk.

   Values: Medium, Low, and High

   Default: Low

   Required: Yes

   Status

   Specifies the status of this risk.

   Values: Open, Work in Progress, Closed, or Resolved

   Default: Open

   Required: Yes

   Creator

   Displays the name of the resource who created this risk.

   Default: The resource currently logged in

   Date Created

   Displays the date this risk was created.

   Updated By

   Displays the name of the resource who last updated this risk.

   Default: The resource currently logged in

   Date Last Updated

   Displays the date this risk was last updated.

4. Complete the following fields in the Details section of the page:

   Risk Symptoms

   Defines the symptoms that identify this item as a risk.

   Impact Description

   Defines the description of the result this risk has on the project.

   Impact Date

   Defines the date by which repercussions from this risk could affect the project. If you identify an impact date, enter a date in the Target Resolution Date field.

   Default: Current date

   Target Resolution Date

   Defines the date the risk is targeted to be resolved - the date being the same or earlier than the impact date.

   Default: Current date

   Assumptions

   Defines the assumptions that determine that this item could be a risk. You can verify these assumptions to help ensure that they continue to be valid through the duration of the risk life. If the assumptions change, the impact or probability of the risk can also change.

   Associated Risks

   Defines the risks within this project that are associated with this risk. You can only link this risk to risks within this project.

   Associated Issues

   Defines the issues within this project that are associated with this risk. You can only link this risk to risks within this project.

   Response Type

   Defines the type of response you want to make with this risk.

   Values:

   • Watch. Use this type when you do not want to respond to a risk. This type is typically assigned for any risk whose calculated risk score is low. In other words, though risk probability or impact is not sufficient to warrant action, you still want to keep the risk open and monitor it.
   • Accept. Use this type when the risk exposure is accepted, and in some cases, there is no intent to pursue the risk.
   • Transfer. Use this type when you want to transfer the risk to a different project. Once transferred, you can close the risk.
   • Mitigate. Use type when you want to apply a risk response strategy to resolve the risk.

   Default: Watch

5. Complete the following fields in the Quantify Risk section of the page:

   Probability

   Defines the probability that the impact can occur. The risk probability is used to calculate the risk exposure.

   Values: Low (1), Medium (2), or High (3)

   Default: Low

   Calculated Risk

   Displays the score calculated based on the selections you make in the Probability and Impact fields.

   Risk values:

   • 4 - 6 (Yellow). The calculated risk is medium.
   • 7 - 9 (Red). The calculated risk is high.
   • 1 - 3 (Green). The calculated risk is low.

   Impact

   Defines the effect of the particular risk on the project, determined by the risk effect on project performance, supportability, cost, and schedule. This value is used to calculate the risk exposure.

   Values: Low (1), Medium (2), or High (3)

   Default: Low

6. Complete the following field in the Attachments section:

   Document

   Specifies one or more attachments.

7. Complete the following fields in the Resolution section:

   Resolution

   Defines the final resolution of this risk once the matter is resolved. The resolution data is useful for recalling the outcome of a risk response strategy when planning or approaching future project risk plans.

   Required: No

   Residual Risks

   Specifies the risks encountered or created within the project as a result of the mitigation taken to resolve the risk. Unlike associated risks, residual risks do not share similar outcomes, but result from an action you take in resolving a risk.

8. Save the changes.

More information:

Calculated Risk Score