Managing Risks

Project Web Access 2003 now provides a facility for defining and managing Risk management plans. This facility includes the ability to describe the potential risk areas of the project, the probability that risk will impact the project, any mitigation plan to minimize the potential risk, and the definition and triggering of contingencies if the mitigation is not successful. This feature provides all the basic elements of a risk management process, including responsible team member, risk manager, critical dates, and descriptive elements.

Use the Project Web Access Risk tab functions to create and manage risks for projects stored within the Project Server database repository. Selecting the Risks tab reveals a list of projects you have permissions to view. When you select a project name link, a set of risk management controls is presented as shown within Figure 28.18.

Figure 28.18. Project risks are managed within Project Web Access.

Creating and Assigning Risk Items

Navigate to the Risks Page from the top menu. The page will display a list of projects grouped by your projects and other projects (if you have permissions to view them). Use the following general steps to define a risk item:

1. Select the project that you want to create a Risk item for; the page will display a list of current risk items.

2. Select New Risk from the toolbar above the list. An edit form will display where you will fill in the relevant information about the risk. These elements are

   • Title The title of the risk item (this is a required element).

   • Assigned To The person who is responsible for managing this risk item.

   • Status The risk item can be either Active, Postponed, or Closed.

   • Due Date and Time Enter the expected or required resolution date for the risk item.

   • Owner The person who has ownership of the risk item.

   • Probability The probability that this risk item will occur. (This is a required element.)

   • Impact A value from 1 to 10 that represents the severity of the effect this risk item will have on the project if it occurs. (This is a required element.)

   • Cost The cost to the project if this risk item should occur.

   • Description Outline that defines and describes the risk item.

   • Mitigation Plan Describes the plan to handle the risk item and prevent it from occurring.

   • Contingency Plan Describes the fallback plan if the risk item does occur.

   • Trigger Description Describes the type of condition that would result in the Contingency Plan being implemented. This can be a date, a cost value exceeded, or other quantifiable measure within the Project data.

   • Trigger The value to indicate the condition that would trigger the contingency plan.

3. Select Save and Close from the Toolbar at the top of the form after you enter all required information.

When a risk item is defined for a project a graphical icon is displayed adjacent to the project within the Project Center summary views. If a risk is attached to a specific working task then a graphical icon appears within the Project Center detail views. If you select a risk graphic icon then Project Web Access will open the appropriate project risk group for review and updates.

Linking Risks to Tasks

Risks can be linked to tasks from two different views in Project Web Access.

• The first method is to select a Project View to see the detail schedule. Then you can select the Link Risk item from the toolbar at the top of the view.

• The second method is accomplished by navigating to the Risks page and either creating a risk item or editing and existing one.

Task linking selections can be found at the bottom of the creation or edit pages. Selections include affected tasks, triggers, mitigation tasks, contingency plan tasks, other risks, other issues, and documents. Clicking on any of these selections brings up a task dialog box with the project tasks.

Multiple tasks can be selected by checking the box to the left of the task name. Select OK to complete the link. Risk icons will then appear in the Project Center views for each linked task within a project. Clicking on the Risk icon navigates to the risk item linked to the task.

Updating and Closing Risks

Risk items' updates and status are provided by the responsible resource assigned to the item, the owner, or any team members who have access and the permissions to update the risk item. Navigating to a specific risk item and selecting the Edit icon to the left of the Risk Item Title allows you to provide updates. You can then edit the risk fields, change the status or assigned names , and generally modify the risk conditions. Select Save and Close after any updates or change in status to a particular risk item.