You can define the risks for a project at any time during
the project life cycle. By defining a risk, you can understand its
probability, impact, and exposure and prepare a counter strategy to
use if the risk occurs.
About this task
In this lesson, the risk is a user interface that is not
intuitive. After you complete this lesson, you will have defined the
risk.Get ready: You
can define risks in the web or Eclipse clients. For information about
defining risks in the Eclipse client, see
Define risk
Remember: This feature is available only if you are
using the Formal Project Management
process template.
Procedure
To define a risk in the web client:
- Click the Work Items menu. From
the Create Work Item section, click Risk .
- In the Summary field, type UI
not intuitive.
- On the Overview tab,
complete the fields.
The Risk work item type contains these
additional fields.
- Probability: The likelihood that the risk
will occur.
- Impact: The degree to which the risk affects
the project.
- Exposure: The magnitude or scope of the
risk. The exposure is determined by multiplying the probability and
impact and dividing that number by 100.
- Precision: The degree to which the risk
is understood.
Note: When you define the probability and impact, the
matrix shows the risk severity. The cell where the probability and
impact qualifiers meet is represented by a letter: L for Low, M for
Medium, and H for High severity. The letter indicates the degree of
precision. The letters change based on what value you set in the Precision field.
You can also define the probability and impact by selecting a cell
in the matrix.
- Consequence Cost: A number that represents
the financial impact of the risk. By default, the USD currency is
displayed along with the cost. You can set another currency in the
project area editor. For more information about setting currency,
see Setting the currency of risk costs.
- Probability Cost: A number that represents
the probable cost of the risk occurrence. This value is determined
by multiplying the probability and consequence cost. By default, the
USD currency is displayed along with the cost. You can set another
currency in the project area editor. For more information about setting
currency, see Setting the currency of risk costs.
- Risk Category: Categorizes risks that are
based on types. By default, some categories are defined as enumerations
for the process template. You can define new enumerations in the project
area editor.
- Identification Date: This date can be in
the past, present, or future. If you are defining a risk only, you
can leave this field blank and select a date when the risk is identified.
- Occurrence Date: This date can be in the
past, present, or future. If you are defining a risk only, you can
leave this field blank and select a date when the risk occurs.
- Identified For: This field lists the iterations
for the project. This field is same as the Planned For field
for any other work item type. When you run a query for the risk work
items, you can use the Planned For attribute. The Identified For attribute
is not available as an option for queries.
- Click Save.