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Risks are situations or occurrences that could prevent the successful completion of a project. Risks have to be identified and managed from the start of the project.
PPO allows for the capturing of risks in a risk entity. The Risks entity can be renamed, depending on the requirement. For more details on renaming entities, see the following knowledge base article.
The Risks entity shows the following fields by default:
The Risks entity allows users to add a title and description for the risk, placing the risk in context. The contact person is the person who raised the risk.
To classify the risk, users can specify a risk type and a risk status.
Every risk is awarded a probability factor ( a chance that the risk may happen) and an impact factor (impact on the success of the project, should the risk occur). The probability and impact factors are rated on a scale of 0 (zero, lowest / not probable) to 5 (five, highest / most probable).
The probability and impact risks are used to calculate the risk rating and risk RAG. For detailed explanations on these calculated fields, see the next section in this article.
The risk owner is the person responsible for resolving the risk. Users can also specify an action/response, which is the latest action or feedback on the risk. The follow-up date is the date by which a new action/response should be provided.
The Risks entity also incorporates three additional calculated fields: age, create date and days overdue. For more information, see the next section in this article.
The Risks entity offers the following calculated fields in order to assist in risk management:
- Risk Rating: The risk rating is calculated by multiplying the Risk Impact and the Risk Probability. The rating is an indication of the severity of the risk and can place the risk in perspective with other risks.
- Risk RAG: The Risk RAG shows the risk rating as a RAG (Red-Amber-Green) indicator. This allows users to quickly assess the health of the risk. The Risk RAG is calculated as follows:
RED: Risk Rating = 15 to 25
AMBER: Risk Rating = 8 to 14
GREEN: Risk Rating = 1 to 7
GREY: Risk Rating = 0
- Age: The age field shows the number of days since the risk was logged.
- Create date: The create date shows the date the risk was logged/created.
- Days Overdue: The days overdue field shows how many days have passed since the Follow Up date.
The default global filter is set up to filter out closed risks (risks where the status is Closed). This will improve ease of use of the Risks entity, as unnecessary items can be hidden from view.
When a global filter has been applied, a red block will appear on the Risk List page to indicate that certain risks are hidden.
Closed risks can still be accessed by clicking on the Disable Global Filter icon (red block). The block will grey out and the hidden risks will be shown.
For more information on setting up global filters, see the following knowledge base article.
Risk reports and dashboards
PPO has several options available in terms of risk reports and dashboard.
- Alert and Reminder Report
A valuable report in terms of risk escalation is the Alert and Reminder Report. This report includes information from the Tasks, Issues and Risks entities and only shows the user open tasks, issues and risks assigned to them.
This provides users with an overview of all items that require their attention.
- Risk reports
Examples of other Risk Reports include:
Risk History Report
For more information on these and other reports, access the following knowledge base article.
- Risk Dashboards
PPO has a standard Risks Dashboard:
For more information on this and other dashboards, access the following knowledge base article.