Risk Parameters

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. Status Dimension

Specifies the name of the status dimension which the risk affects. Correlates with the list of Status Dimensions in the Health Status Dimensions.

2. Probability

Probability

Probability
1 - Low
2 - Medium
3 - High

3. Impact

Impact	Impact Effect

Impact	Impact Effect
1 - 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

Strategy	Description
Avoidance	Risk avoidance is elimination (removal) of the risk in such a way that it is no longer applicable to the project.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 Choosing an approach whereby the risk is no longer applicable.
Mitigation	Risk 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”.
Transfer	Risk 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.
Acceptance	Risk 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).

5. Treatment Strategy 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

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.

6. State

State	Description

State	Description
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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