Create a New Risk (v10.xx)

Create a New Risk (v10.xx)


For each identified risk, a new Risk document must be created. This document defines which project the risk refers to and classifies the risk. Classification criteria are defined in the various Risk setup documents.


To create a new risk:
  1. Navigate to the [Projects] tab.
  2. From the content window click on the [Create] menu and select “New risk”




Header

The new risk form will open.




Risk

Title of the risk.

Project

The project that the risk applies to.

Phase

The phase of the project the risk applies to. If it applies to the project as a whole, then select Global.

Project leader

The main project leader (not the project leader substitute).



Deadline

Visual indicators:

  1. Red: deadline passed
  2. Orange: warning
  3. Green: OK

Version

Version number of the document.

Modified on

Date and time of the last modifications. By clicking on the date you can access the history of the modifications.

Last comment New discussion

Displays the last comments made on the risk. You can reply directly to the comments by clicking on "Reply," or create a new discussion by clicking on "New discussion". See "Collaborate with Project Live!" for more information.


[General] tab


The [General] tab is used to define the likelihood that the risk will occur, and its potential consequences (impact).
Cerri Project can track two sets of values for likelihood and impact: the planned value (original) and the actual value after mitigation. Each set of values can have up to 6 levels of measurement, depending on the risk setup.




Once likelihood and impact have been set, the system automatically computes the severity of the risk by multiplying them (likelihood x impact). Cerri Project uses a matrix to provide a visual representation of the risk’s likelihood and impact combined.


Depending on the setup, this matrix can be a 3x3 matrix, a 6x6 matrix, or any combination in between. The matrix indicates whether each risk is high, moderate, or low.





The bullet shows the original position of the risk in the evaluation matrix. Once the qualification has been completed, the original likelihood and impact will be locked as reference data.
After the risk is locked, a new line appears below to track the actual "likelihood", "impact" and, "severity". The bullet will show the actual position of the risk in the risk matrix during and after mitigation.


Risk 1st level

The risk’s first level of classification. The label for this field


of classification

comes from the Risk labels setup document. The list of choices is defined in the corresponding Risk setup document.

Classifica- tion



Risk 2nd level of classification

The risk’s second level of classification. The label for this field comes from the "Risk labels" setup document. The list of choices is defined in the corresponding Risk setup document, according to the value selected in the previous field. Mandatory.



Risk 3rd level of classification

The risk’s third level of classification. The label for this field comes from the "Risk labels" setup document. The list of choices is defined in the corresponding Risk setup document, according to the value selected in the previous field. Only visible if the number of classification levels defined in the "Risk labels" setup document is at least "3", and then mandatory.


Risk 4th level of classification

The risk’s fourth level of classification. The label for this field comes from the "Risk labels" setup document. The list of choices is defined in the corresponding Risk setup document, according to the value selected in the previous field. Only visible if the number of classification levels defined in the "Risk labels" setup document is "4", and then mandatory.



Original/ Likelihood

Likelihood the risk will occur. List of choices. Possible values are 1 to 6, depending on the setup done in the "Risk labels" setup document. The corresponding labels come from the "Risk labels" setup document. The "Original" label comes from the same setup.



Original/ Impact

Impact the risk will have once it occurs. List of choices. Possible values are 1 to 6, depending on the setup in the "Risk labels" setup document. The labels also come from the setup document.


Original/ Severity

The product Likelihood x Impact.



Original/ Evaluation

By default, computed and equal to the severity. It can be edited manually by clicking the closed padlock icon next to the field label (the icon shows the current status). Clicking the open padlock icon reverts it to the computed value.



The padlock icons show the current status.



: Field is editable.



: Field is not editable.



Risk Levels


Padlock icons

Once all original values are set, they can be locked, and the actual values are displayed. The original values can then be unlocked and modified.



If there is no workflow defined, editing is done through the padlock icons. If a workflow is defined, the icons are hidden, and workflow actions must be used to lock/unlock values. See the Workflow definition document for further information.


Actual/ Likelihood

Computed likelihood, according to completed mitigation actions. The "Actual" label comes from the "Risk labels" setup document.


Actual/ Impact

Computed impact according to the completed mitigation actions.


Actual/ Severity

Computed severity: Actual likelihood x Actual impact.


Actual/ Evaluation

By default, computed and equal to the actual severity. However, if the original evaluation was manually modified, it remains editable and by default equal to the manually adjusted original evaluation.





Matrix


A matrix ranging from 3x3 to 6x6, depending on the setup done in the "Risk labels" setup document.

  1. ​The vertical axis represents likelihood
  2. The horizontal axis represents the impact.
  3. The small grey bullet shows the original position of the risk
  4. The small blue bullet shows the actual risk position sfter mitigation (once original values are locked).


The matrix is divided into one to three zones: Green, Orange and, Red, depending on the matrix setup.

Clicking on the (?) icon next to the table title displays the matrix legend (customizable).

When the original values are locked, an icon appears in the lower left corner of the matrix to run a recalculation of the risk based on completed actions.


[Impact] tab


The [Impact] tab consists of text fields used to describe the impact the risk could potentially have on the project, as well as the value of the impact in days and dollars.


Impact

Optional. Description of the impact of the risk. Rich text.

Quality

Optional. Impact on the quality of the project’s results. Free text.

Planned days

Delay in days if the risk occurs.

Cost

Additional costs if the risk occurs.


[Mitigation] tab




Cerri Project allows for the creation of actions as a mitigation plan that will either reduce the likelihood of a specific risk from occurring, reduce the impact of a risk on a project and its deliverables, or both.


All mitigation actions in Cerri Project are in fact "Task" documents that are linked to the "Risk", but managed as standard tasks. The creation of these mitigation tasks are initiated from the [Mitigation] tab in the Risk form.

Mitigation actions

Click the icon to create a new mitigation action. It is possible to create up to 10 mitigation actions.



Icon

Displayed for each defined mitigation action.


: The task is not completed.


: The task is completed.


Description

Displayed for each defined mitigation action.

The task’s subject. It is also a link that opens the corresponding Task document directly.

Costs

Displayed for each defined mitigation action.

The task’s internal cost.

Duration

Displayed for each defined mitigation action.

The task’s planned workload.


% on the likelihood

Displayed for each defined mitigation action.

The amount the likelihood is reduced once the action is completed. Percentages can be locked by clicking on the open padlock icon. Once locked, they can be unlocked by clicking on the closed padlock icon.


% on the impact

Displayed for each defined mitigation action.

The amount impact is reduced once the action is completed. Percentages can be locked by clicking on the open padlock icon.

Once locked, they can be unlocked by clicking on the closed padlock icon.

Total costs

The total internal costs of all defined mitigation actions.

Total days

The total planned workload of all defined mitigation actions.



Once the task has been created, its cost and workload are retrieved and listed in the risk document.

It is possible to assign a value to likelihood and impact for each task. This value represents how much the risk will be reduced if the task is completed. For example, if a risk’s likelihood is rated 5 and task T has a mitigation likelihood factor of 20%, once task T is completed, the risk’s likelihood will be reduced to 4.

Rate for Mitigation Action


Tasks created for mitigation are calculated using the default Rate.


Note: If Multi-Rate-Management is switched on and the default Rate should not be used for the cost calculation, an additional Action Type must be added in Keywords & Labels. The Activity Type must be called "Mitigation action" on both the Project and Resources databases.


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