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.
1.
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Status Dimension
Specifies the name of the status dimension which the risk area.
The table lists available areas in alphabetical order.
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2. Source
Specifies source of risk to identify where the risk originates.
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3. Probability
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0.05 - Very low
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0.25 - Low
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0.5 - Moderate
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0.75 - High
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0.95 - Very high
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affects. Correlates with the list of Status Dimensions in the Health Status Dimensions.
2. Probability
Probability |
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1 - Low |
2 - Medium |
3 - High |
3. Impact
Impact | Impact Effect |
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1 - |
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
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
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
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
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....
Low | We could handle this without extra money/resources |
2 - Medium | It will cost us money/resources to remedy |
3 - High | We might lose the customer/project over this |
4. Treatment Strategy
Strategy | Description |
|---|---|
Avoidance | Risk avoidance is elimination (removal) of the risk in such a way that it is no longer applicable |
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Mitigation | Risk |
mitigating |
or reducing the risk by reducing the impact, or loss it can cause. | |
Transfer | Risk transfer transfers the liability of the risk to a third party through contractual agreements, insurance, indemnity, warranty, and so on. |
Acceptance | Risk acceptance is accepting, or retention of the risk and is typically the response after avoidance, transfer and mitigation were considered or tried. |
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5. Treatment Strategy
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and Damage Control Plan
Using the in-built rich text editor, type in the following textual information:
Relevant details of the chosen risk treatment strategy.
Action items to support the chosen strategy.
Damage Control Plan
| Info |
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To select any action item of risk treatment strategy as Done, you need to open the Edit Risk Details dialog box. |
See also:
To learn how to use Action Items in Health, see Action Items.
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6. State
State | Description |
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occurred
Identified | Risks that have just been identified. |
In Analysis | Risks that have been identified and for which analysis has begun. |
Treatment in Progress | Risk is currently being treated. |
Occurred (Issue) | Risk occurred and became an Issue. |
Resolved | Work with risk completed. |
Archived | Risk is no longer actual. When you select the status, the risk will be hidden from the general risk table. To display risks in the Archived status, select the Archived value in the filters in the State section. |
7. Checkpoint Date
Using this field, you can set checkpoint date to manage work on risks.
After the checkpoint date has expired, Checkpoint Past Due notification will appear in the risk signals.
Checkpoint date is an optional field. By default, the system sets the date according to the formula: Current date + 2 weeks.
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