Risk Management

Risks and opportunities should be identified, analyzed, and responded to before they become problems. Get a visual overview of all Risks in the system and use automated risk factor calculations to determine which things should be addressed. Customize these calculations to match your project’s risk tolerance, and use color-coding to automatically indicate problematic items. Take a proactive and ongoing risk management strategy.

What is Risk Management?

“An unknown occurrence or situation that has a favorable or negative influence on a project’s objectives,” according to the PMI. Risk is defined as any unforeseen incident that may have a positive or negative impact on your project. People, procedures, technology, and resources may all be affected by risk.
 
The majority of individuals believe that risk has a negative connotation. However, if you approach Risk Management with a gloomy mindset, you will be doing yourself a favor. Indeed, you might wish to refer to it as “opportunity management.” Whatever you choose to call it, be sure it’s under control. If dangers and opportunities are not addressed early on, they will become problems.
 
Before a risk occurs, an effective Risk Management system must be able to recognize, measure, and forecast its effects. Our Risk Management system can assist you in visualizing this process, planning your reactions, and reviewing, revising, and improving the method regularly.

Identify and visualize risks

The first step in risk management is to recognize it. This must be an ongoing process that is updated regularly to reflect the market and corporate developments. To receive a fast overview of all Risks in the system, use the Risk Registry view.
 
People, procedures, technology, and resources may all be affected by risk. Identifying which projects and activities the risk will affect is an important aspect of dealing with risk. To help you assess the breadth of possible impact, use the Risk-Related Entities board to see the objects that will be affected by Risk.

Assess and prioritize

After you’ve identified all of the Risks, you’ll need to decide which ones need to be addressed. Drag and drag Risks on the impact and probability scales to compute the risk factor in our Risk Factor view using the calculated custom field (probability*impact).
 
Low-priority Risks should not be a source of distraction. Perform a qualitative risk analysis to determine which things require attention. Quantitative analysis may be used to estimate the financial effect of risks. The use of color-coding will indicate if a risk should be controlled or monitored. Customize these warnings and computations to match your risk tolerance and risk criteria for your project.
 
Use reports to learn more about risks and their possible consequences. A Risk EMV Comparison bar graph compares the anticipated monetary value (EMV) of Risks to the EMV of the things they impact. To detect outliers and patterns, use a scatter plot to show the likelihood and effect of all Risks in the system.
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Use reports to learn more about risks and their possible consequences. A Risk EMV Comparison bar graph compares the anticipated monetary value (EMV) of Risks to the EMV of the things they impact. To detect outliers and patterns, use a scatter plot to show the likelihood and effect of all Risks in the system.

Plan your response

Develop a risk response strategy that focuses on maximizing opportunities while limiting the impact of risks on project goals. To assign answers to threats and opportunities, drag and drop risks into the Risk Response screen. Our pre-programmed risk responses (Share, Exploit, Enhance, Reject, Avoid, Transfer, Reduce, Accept, Contingency) may be tailored to your unique requirements.
 

Review, revise, improve

Use our Risk Dashboard to rapidly understand where adjustments need to be made and to obtain an overview of the status and consequences of your existing risk response strategy. Include the reports that are most relevant to you, then share the Dashboard with customers and stakeholders quickly and simply.
Remember that it’s critical to manage risk by anticipating risks and opportunities early and regularly. Risk isn’t always a bad thing. Risks may be beneficial when they are appropriately addressed. They will almost definitely have a negative impact if they are disregarded.
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