Creating Risks and Action Plans

Project Risk Page

PGM_PROJECT_RISK

Enter project risk details and triggers.

Action Plan Page

PGM_ACTION_PLAN

Establish actions plans in response to risks.

Notes and Attachments Page

PGM_RISK_NOTES

View and edit comments or file attachments that are relevant to a risk.

Risk ID

Displays the automatically generated number unique to each project ID. The system displays Next until you save the project risk.

Activity

Enter the activity to associate with the risk. Leave this field blank if this is a project risk. This field does not appear if this is a program risk.

Risk Priority

Select the priority of the risk from these options: High, Medium, or Low. Risks in the Top 5 Risks group box on the Manager Workbench page and the Top 5 Risks pagelet are sorted in conjunction with the Priority Number. Risks are sorted first by risk priority, then by priority number.

Priority Number

Enter the ranking, between 1 and 999, of the risk. The priority number is relative to other risks that have the same risk priority. Enter the same priority number for two risks to indicate that the risks have equal priority.

Risk Type

Enter the type of risk to categorize this risk into a group. You define risk types on the Risk Type page.

See Project Risk Types Page.

Risk Status

Select the current status of this risk from these options: Active, Inactive, or Potential. The system displays risks with Active and Potential statuses on the Top 5 Risks group box on the Manager Workbench page and the Top 5 Risks pagelet.

Risk Owner

Enter the employee ID of the risk owner. This is for informational purposes only. The system does not use risk owner for any processing.

Assigned To

Enter the employee ID for the individual responsible for monitoring this risk. You can search all risks assigned to an individual on the Review Risks page.

Risk Summary

Enter a short summary of the risk. The Risk Summary appears as a link that allows you to access more information about the risk in the Top 5 Risks group box on the Manager Workbench page and the Top 5 Risks pagelet.

Risk Impact

Select the effect that this risk might have on the program, project, or activity. Options are: High, Medium, or Low.

Risk Probability

Enter the probability, between 0 and 100 , that this risk will occur. The system treats the value as a percentage (for example 50 means 50 percent).

Risk Consequence

Enter the description of the consequence if this risk were to occur.

Additional Fields

Click to transfer to a secondary page with ten additional user fields. The system does not use these fields for any processing or reporting, but you can enter any additional information for this risk.

Plan Type

Select the type of action plan from these options:

Acceptance: Select to indicate that you are not changing the project plan to deal with the risk, or that no suitable response strategy exists.

Avoidance: Select to indicate that you are changing the project plan to eliminate the risk or condition, protecting the project objectives from the risk's impact, or modifying the project objective to accommodate the risk.

Mitigation: Select to indicate that you are reducing the probability or consequences of a risk to an acceptable level.

Transference: Select to indicate that you are shifting the consequences of the risk, and ownership of the response, to a third party. Transferring the risk does not eliminate the risk, but rather makes another party responsible for its management.

Primary

Select to indicate that this action plan is the primary action plan. For a new project risk, the system assigns the first action plan as the primary action plan. You can select only one primary action plan for each risk. The system issues an error message when you save if you select the Primary check box for more than one action plan.