Managing risks
Every project has known and unexpected risks. At the project
initiation stage or during the project life cycle, you can define
the known risks and strategies to counter those risks.
Defining risks
When you plan a project by using the Formal Project Management process template , you can identify potential risks that can alter the progress of your development. Risks might include such problems as personnel loss, legal concerns, and missed deadlines.
Creating risk actions
After you define risks, you can create a Risk Action work item to track your efforts to mitigate a risk by using a strategy.
Setting the currency of risk costs
If a risk occurs, it incurs cost. You can specify a currency for the costs of risks that might occur in your project.