About Risks

What are Risks?

The word Risk has a negative connotation to most, thinking about them as threats from potential uncertain events. However Risks should be thought of as future events that have the potential to negatively or positively impact time, cost or quality.

During your projects' lifecycle you will encounter Risks that can be categorised as Threats or Opportunities.

Project on Demand provides a Risk management solution that facilitates Risk identification, impact assessment, response planning and review management.

How should they be used?

The Risk management process within Project on Demand is as follows:

Project Management Process Step Action within Project on Demand
1 Identify and record the Risk. Create a new Risk.
2 Analyse Risk and perform any categorisation necessary to aid future analysis of Risks. Set the Type and Category.
3 Perform an impact assessment to evaluate the Probability of the Risk occuring and Impact on the Project if it does. Set the Probability and Impact.
4 Establish and implement a Risk Response Plan. Set the Response and add a Response Plan.
5 Monitor Risk and perform periodic impact assessment reviews. Set Review Date and monitor Dashboard for any overdue Risk reviews.

Risk Properties

Name Description Possible Values
ID Unique Risk reference number. Number - Generated by the application.
Description Full description of the Risk. Text.
Identified By The person who identified the Risk. User with Project access or text.
Identified Date The date the Risk was identified. Autogenerated to date of creation but fully customisable.
Category Used to group Risks with shared characteristics. Business, Operational, Other, Technical, or Financial.
Type Used to broadly define negative or positive Risks. Threat or Opportunity.
Probability The chance of the Risk occuring. (1) Very Low, (2) Low, (3) Medium, (4) High or (5) Very High.
Impact The estimated impact upon the Project if the Risk should occur. (1) Very Low, (2) Low, (3) Medium, (4) High or (5) Very High.
Score Probability multiplied by the Impact. Number - Generated by the application.
Response Broadly defined response to dealing with identified Risk. Transfer, Mitigate, Accept, or Eliminate.
Response Plan A further detailed description of response. Text.
Owner The person who has been assigned ownership of the Risk. User with Project access or text.
Review Date The next scheduled review date. Autogenerated to date of creation but fully customisable.
Status The current state of the Risk. Open or Closed.

Concurrency Control

Risks implement optimistic concurrency control.