PM Risk Management

Project Planning Scrum & Agile Project Management Project Tracking Project Status Reporting Task Management Milestone Tracking Project Baseline Management Risk Management Project Change Management Single-Project Management

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]project-open[ supports Risk Management as one of the 10 key PMBOK  areas. ]po[ allows organizations to capture, evaluate, prioritize and track risks for individual projects, portfolios of projects or the entire organization.

Process Summary

Risk management in ]po[ revolves around a tabular list of risks – the risk log. The sheet maintains a centralized list of risks, together with key characteristics including probability, impact. The project manager is responsible to identify and capture risks during the entire lifespan of a project.

Portlet Risk Management

Risk Reporting

]po[ can extract a variety of reports from risk information:

  • An operative risk chart showing risk probability vs. risk impact
  • Risk summaries per project portfolio
  • Financial measure describing the impact of risks on the a portfolio

These reports are available as operational reports in HTML and CSV format, but also available in PowerPoint for executive reporting.

Risk Log - Template With Import Into ]po[

Please click above
in order to download the
free Risk Log template

The following risk log template is suitable for individual projects or small groups of projects. You can download the sheet (requires free registration) and use the sheet within your organization.

You can import the risk log template directly into ]project-open[ once you have to manage more than a few project. For an example please go to our http://po40pmo.project-open.net/  demo server, login as "Ben Bigboss", go to any project, look for the "Project Risks" portlet and click on the "Import Risk CSV" link.

Extending The Risk Log

The ]po[ risk log can be extended with custom fields without touching the code of the application. Please see the DynField mechanism on how to extend risk objects.

Risk Approval Workflow

]po[ offers the option to associate approval workflows with risks, allowing for administrative control of risks. Newly entered risks need to be approved by a supervisor, a centralized risk department of similar constructs. Workflow routing decisions may depend on a variety of factors including probability and impact of the risk.

References

Related Packages

  • Risk Management Package - Technical documentation about the risk management functionality.
  • Dynamic Fields - Allow for extending risks with customer definable fields.
  • Workflow - Allow for approval or other actions once a new risk is created or an existing risk is modified.
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