Risks Assessment

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A New Feature has been added. Risk Analysis and risk assessment tools will be incorporated into your projects. Risk Analysis is meant to improve the quality of the project.

Joel Richard Jacobson
Friday, September 9, 2022

A new way of highlighting risks before developing a project is essential when working on your project plan and the duration of your schedule to prevent any impact on the flow of the process. 

It is a great tool to add any additional budget or delay that would desire you if you are better off handing it to an external party.

The project risks addon is broken down into three areas:

• Risk Register:
  • Risk Details
    • Include vital and critical information regarding the risk that is needed to evaluate which component will be affected.
  • The task of attachment to the risk
  • Risks Levels Categories
    • Likelihood:
      • 1 – (Very unlikely): A very slim chance for this risk to occur.
      • 2 – (Not likely): Low chances for this risk to occur.
      • 3 – (Possible): Fifty-fifty chances for this risk to occur.
      • 4 – (Probable): Good chances for this risk to occur.
      • 5 – (Very likely): You can bet this risk will occur at some point.
    • Impact:
      • 1 – (Negligible): This risk will hardly impact your project.
      • 2 – (Low): You can easily handle the consequences of this risk.
      • 3 – (Moderate): It will take some time and effort to mitigate the consequences of this risk.
      • 4 – (Significant): This risk could cause long-term consequences that will be hard to recover from.
      • 5 – (Catastrophic): The impact of this risk might wreck your project.
  • Risk Level Types:
    • Low, Medium, High
  • Their levels can be adjusted in the admin panel to the desire of the owner
  • Risk response type
    • Currently, there are (4) types of responses. Each response has its unique criteria value. These values can be managed via the admin panel.
  • Risk level after response assigned
    • This is based on a computational equation given.

• Risk Matrix:
  • This provides a graphical representation of where is focused Risk Registered items in the matrix.
  • This is very useful whenever you have more than 20+ items and don't need to go over each risk within the register.
  • The Risk marked on the matrix is based on the original value before the applying risk response type.
• Risk Avg. After Response Summary:
  • A visual representation of a bar given from a starting point of 1 to 25.
  • As the matrix is built on 5x5, the computation behind is based on the total value divided by the total risk registered.

Having visually display all risk you can come up with a brain storm analysis with your team and stakeholders to decide if a project is suitable to continue, transfer or cancel before hand. This will facilitate a new cost analysis based on risks identified.