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Set Parameters of New Risk

This section belongs to Risk Management in Health. It describes how to select values of new risk parameters according to risk management approach.

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01. Area

Specifies name of the risk area.
The table lists available areas in alphabetical order.

Area
Alignment with client
GDPR_________________
Quality
Team Performance
Schedule
Scope
WFH Impact


02. Source

Specifies source of risk to identify where the risk originates.


Risk Source
None
Communication
Documentation
Infrastructure
Legal
Process
Scope
Team
Technology
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02. Source

Specifies source of risk to identify where the risk originates.

Risk SourceNoneCommunicationDocumentationInfrastructureLegalProcessScopeTeamTechnology
title
AreaAlignment with clientGDPR_________________QualityTeam PerformanceScheduleScopeWFH Impact
Tip

This list of areas is basically the same, as the list of Health map statuses and list of statuses for status cards.

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03. Probability

ProbabilityDescription

0.05 - Very low

In your experience of the past projects it never happened, but it could happen.

0.25 - Low

It occurs occasionally.

0.5 - Moderate

Sometimes it happens, sometimes not.

0.75 - High

It mostly happens.

0.95 - Very high

It happened on each project, and you think it will happen again, but there is a chance to escape.

04. Impact

ImpactImpact EffectDescription

1 - small monetary loss or a few days of delay

Very low

Risk impact evaluated as a monetary loss is less than 1% of project budget.

Effort to eliminate consequences of the risk incident is less than 1% of total team effort.

2 - manageable monetary loss, or a few weeks of delay

Low

Risk impact evaluated as a monetary loss is around 1-5% of project budget.

Effort to eliminate consequences of the risk incident is around 1-5% of total team effort.

3 - heavy loss that doesn't endanger project success on Its own

Moderate

Risk impact evaluated as a monetary loss is around 5-10% of project budget.

Effort to eliminate consequences of the risk incident is around 5-10% of total team effort.

4 - a loss that can endanger project success

High

Risk impact evaluated as a monetary loss is around 10-25% of project budget.

Effort to eliminate consequences of the risk incident is around 10-25% of total team effort.

5 - causes project failure and possible additional losses

Very high

Risk impact evaluated as a monetary loss is more than 25% of project budget.

Effort to eliminate consequences of the risk incident is more than 25% of total team effort.

05. Treatment Strategy

StrategyDescription
Avoidance

Risk avoidance is elimination (removal) of the risk in such a way that it is no longer applicable
to the project. It is the first choice of any risk strategy and can be done by:

  • removing any lack of knowledge, or uncertainty that caused the risk.
  • choosing an approach whereby the risk is no longer applicable.
ReductionRisk reduction is mitigating, or reducing the risk by reducing the impact, or loss it can cause.
The idea is that risks are to be mitigated till the risk exposure is within “acceptable limits”.
TransferRisk transfer transfers the liability of the risk to a third party through contractual agreements, insurance, indemnity, warranty, and so on.
In such a way you change ownership of the risk. There must be a proper communication and evidence of Risk Transfer.
AcceptanceRisk acceptance is accepting, or retention of the risk and is typically the response after avoidance, transfer and mitigation were considered or tried.
It is typical for minor risks and it indicates cases where the cost of any other strategy exceeds the risk itself.
There must be a proper communication and approval of Risk Acceptance from the Management (Delivery Supervisor or Account Manager).

06. Treatment Strategy Description

Using the in-built rich text editor, type in the following textual information:

  1. Relevant details of chosen risk treatment strategy.

  2. Action items to support the chosen strategy.

    Info

    To select any action item of risk treatment strategy as Done, you need to open the Edit Risk Details dialog box.


See also:

  • For more details about the in-built rich text editor, see Enrich Comments.
  • To learn how to handle Action Items in Health, see Handle Actions.

07. State

StateDescription

occurred

The risk event happened.
mitigatedActions were taken to reduce adverse effect of the risk event.
canceledThe risk is not considered as relevant to the project anymore. 
treatedMeasures to manage the risk were selected and implemented.
openThe risk is considered as relevant to the project.
acceptedThe risk is accepted as the cost of any other risk management option outweigh the cost of the risk itself.
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