Managing risks

Every project has risks, such as missed deadlines, legal concerns, and the loss of personnel. Risks can also include opportunities that might increase the likelihood of project success. You can identify risks both at the beginning and during the project. By identifying risks early in the development life cycle, you can create strategies to control their impact on the project.

About this task

These instructions are for managing risks in the Rational® Team Concert® Eclipse client. You can also use the web client to manage risks. For guidance about completing these steps in the web client, see the "Supporting tasks" section in each step.

Before you begin

In this task, you will use the Formal Project Management process template. By default, the Risk and Risk action work item types are available only in the Formal Project Management process template. To include Risk and Risk action work item types in your process template, extend your process template. For information about extending your process template, see Extending your process template.

1: Identify risks

At the beginning of or later in the project life cycle, you can identify the known risks:
  1. In the Team Artifacts view, right-click Work Items, and click New > Work Item.
  2. Select the Risk work item type, and click OK.
  3. On the Overview tab, type a summary, and in the Filed Against field, select a work item category.
  4. Click Save.

2: Assess risks

By assessing risks, you can better understand their scope and significance. You can assess the probability, impact, exposure, category, and consequence cost of risks.
  1. Open an existing Risk work item type.
  2. On the Overview tab, enter the following information:
    • Probability: The likelihood that the risk will occur.
    • Impact: The degree to which the risk affects the project.
    • Exposure: The magnitude or scope of the risk. The exposure is determined by multiplying the probability and impact and dividing that number by 100.
    • Precision: The degree to which the risk is understood.
      Note: When you define the probability and impact, the matrix shows the risk severity. The cell where the probability and impact qualifiers meet is represented by a letter: L for Low, M for Medium, and H for High severity. The letter indicates the degree of precision. The letters change based on what value you set in the Precision field. You can also define the probability and impact by selecting a cell in the matrix.
    • Consequence Cost: A number that represents the financial impact of the risk. By default, the USD currency is displayed along with the cost. You can set another currency in the project area editor. For more information about setting currency, see Setting the currency of risk costs.
    • Probability Cost: A number that represents the probable cost of the risk occurrence. This value is determined by multiplying the probability and consequence cost. By default, the USD currency is displayed along with the cost. You can set another currency in the project area editor. For more information about setting currency, see Setting the currency of risk costs.
    • Risk Category: Categorizes risks that are based on types. By default, some categories are defined as enumerations for the process template. You can define new enumerations in the project area editor.
    • Identification Date: This date can be in the past, present, or future. If you are defining a risk only, you can leave this field blank and select a date when the risk is identified.
    • Occurrence Date: This date can be in the past, present, or future. If you are defining a risk only, you can leave this field blank and select a date when the risk occurs.
    • Identified For: This field lists the iterations for the project. This field is same as the Planned For field for any other work item type. When you run a query for the risk work items, you can use the Planned For attribute. The Identified For attribute is not available as an option for queries.
  3. Click Save.

3: Create risk actions

After you identify and assess risks, you can determine the strategy to address risks by creating Risk action work items. When you create risk actions, you can use any of the following strategies:
  • Mitigation - A strategy for a risk that is likely to occur. The goal is to minimize the impact of such a risk.
  • Contingency - A strategy for a risk that might not occur, but that the project team must be prepared for.
  • Avoidance - A strategy to avoid or not do an activity that causes a risk.

For instructions about creating risk actions in the Eclipse client, see Creating risk actions.

4: View risks and risk actions

You can view the risks and risk actions in several ways:
  • Run a work item query for Risk and Risk action work items.
  • Open a plan to view the risks and risk actions.

Results

By completing this task, you identified risks by creating Risk work items, and assessed risks by specifying their probability, impact, and consequence costs. In addition, you learned to create a strategy to mitigate risks by using Risk action work items. You also learned to link a Risk to a Risk action work item and the options to view Risk and Risk action work items for a project.

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