Chapter 7: Risk Management

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Risks

A key component of managing a project is the identification and management of project risks. A risk is a potential threat to the success of the project. Most risks cannot be avoided, but need to be managed. They need to be classified, recorded, and regularly reviewed to keep them under control.

Every risk follows a life-cycle, as depicted by the following state transition diagram.

The meaning of each state is as follows:

When you select the Risk Management node, a search screen is displayed. You can search for a risk either by its ID, or a set of other search criteria. To search by ID, choose 'By ID' from the Search drop-down list and enter the risk ID in the ID field. Alternatively, select 'By Criteria' from the Search drop-down list. In this case, you can search using a Risk Title, Project, Impact, Likelihood, State, Review Cycle, or Raised By fields.

If you leave this blank, a wild-card search is performed, which will return all risks. Press Find to perform your search. The search result is displayed in the table below the search criteria.

Provided that you have the relevant permissions, you can:

The Graphical View tab displays the search result as a pie chart.

The pie chart can be organized in terms of risk Impact, Likelihood, Review Cycle, or State, as denoted by the View By drop-down list. You can view the risks represented by each pie chart segment by clicking on that segment. You will be asked if you want those risks to be added to the navigation tree.


Risk Details

When you create a risk or view the details of an existing risk, the risk is added to the navigation tree, as a child of the Risk Management node.

The Risk tab displays risk summary information. If you have risk edit permission, you can modify some of these fields. Fields specified as read-only are managed by the system.

After creating a new risk (and filling in the details), the only operation you can perform on it is to submit it. To do this, press the Submit button. The risk changes state to Submitted.

To review a risk, press the Review button. A dialog is displayed for you to enter remarks.

Enter text to document the review and press the OK button.

A closed risk can be reopened by pressing the Reopen button. The risk changes state to Opened. This should be done only in cases where the risk has been closed prematurely. Both Close and Reopen buttons are enabled only for users with risk Close permission.


Progress

The Progress tab contains the time-stamped remarks entered by users during the life-time of a risk. It summarizes how the risk has progressed to-date.


History

The History tab provides a history of a risk's state changes, in tabular format.

For each state change, the date, the user who actioned the change, the old state, the action, and the new state, as well as any notes entered by the user are displayed. For long notes, select the history row to see the full note in the text area below the table.

Whether a state change is recorded in this table or not, depends on your specified preferences in System Options.


Attachments

The Attachments tab displays a list of documents attached to the risk, as a table.

The most typical type of risk attachment is a screen dump that proves the existence of a defect.

For each attachment, its File Name and file Size (in bytes) are listed in the table. When an attachment is opened for editing by a user, the username appears in the Locked By column. When an attachment is opened for editing or viewing, the file is retrieved from the database and written to the local disk. The local file's path is displayed in the Local Path column.

You can do the following operations:


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