OPEN
ASSESSED
MITIGATED
RE-OPENED
TRANSFERRED
ACCEPTED
OBSOLETE
CLOSED
Thanks! Saving Changes...
Vanaja KaragiannidisDr| Melbourne Institute of TechnologyCraigieburn, Victoria, Australia
Hello Ganesh,
In my service projects, I usually consider calculated risk and rate it either as high, medium or low risk. So as project manager must consider the probability of each risk actually occurring and a risk is something that might happen in the future of the project process during its life cycle. For example a risk that is highly likely to occur and could have a significant impact on the project might be assigned a priority value of "1". A risk less likely to occur and with less potential impact might be assigned a low priority value, like "2" or "3". I tend to identify risk in a risk management log with Priority Value. Like top column elements: Risk; Priority; Description; Impact; Likelihood; Strategy; Action Plan; Assigned To; Current Status and Last Updated Date. Regards, Vanaja Saving Changes...
Vanaja KaragiannidisDr| Melbourne Institute of TechnologyCraigieburn, Victoria, Australia
Jan 08, 2016 7:01 AM
Replying to Ganesh Srinivasan
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Any reply in this regard is highly appreciated. Thank you.
Goodday, Ganesh.
It is not easy to answer about risk status in general because the level of risk is correlated to the type of project that you are involved in. So risk tends to be specific to the nature of the project: Nature of your WBS (Work Breakdown Structures) that can then be segmented to different task deliverables (so at this stage some risk task can have low risk, some medium risk and some major risk). Once it is identified than you begin to measure and collate the risk and assessment it holistically towards your specific project. Saving Changes...
Gordon AlexanderSenior Principal - Global Programme Director| IndepndentChelmsford, Essex, United Kingdom
Hi Ganesh, Section 11 in PMBOK6 is Project management risk. 11.3.2.3 Data analysis gives a review of the controllability of a risk and if it occurs how easy or difficult it is to control the outcome.
As others have said there are numerous titles and I've even seen some specific ones used in different industries depending on whether its Technical, Management, Commercial or External risk.
You need to remember its a risk matrix because all the elements are important not just the management status. Probability/likelyhood, potential cost etc all go in to the output and whether its being controlled.
Closed is a status by which you have removed the risk either by ransfer or when the risk has passed and not come o fruition, e.g. There is a risk that the supplier may not deliver on time and he does, after that it is no longer a risk to the project (this example can also be listed as expired) Saving Changes...
Prithviraj BhosaleDirector of Information Management| North Carolina State UniversityEllicott City, Md, United States
Names can vary based on each organization and what the OPA states. Most organizations follow a standard template across the board, which has set names for the statuses of risks. Saving Changes...
Does your org have this defined written out in their project management plan? I would establish that first with the org and what you define as Open/closed etc. The various status varies but in general, Open risks are ones that have not been closed out and are still in progress; needs mitigation. Closed means it is mitigated with a resolution in place and is not posed as a risk anymore. Saving Changes...
Vanaja KaragiannidisDr| Melbourne Institute of TechnologyCraigieburn, Victoria, Australia
Jan 09, 2016 10:47 PM
Replying to David Maynard
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Stephane,
I included "open" and "closed" because remember -- risks may have a positive effect as well as a negative one. For example, once in our company we were working on a firmware upgrade for a customer's device. While in the depth of the code, we realized we could make dramatic performance improvements in the system that were not in our scope of work. We saw this a positive risk. It would help our cash flow and ROI for this customer. So, we put together a bid and explained it them. They funded us to proceed with the additional work. Once that work was completed, the risk was closed.
Project risk = Uncertainty. Windows of uncertainty open and close.
As a risk leader of projects, risk need analysing and begins with identification of risk types. For example in an international project there tends to be CULTURAL RISK: such as trust levels; POLITICAL RISK: such as government unrest, laws & regulations, relationship with government; VIRTUAL RISK: such as time zones, communication issues; REGIONAL RISK: such as crime rate, climate/weather, safety procedures and issues (much in Australia); . Then after describing the different risks, assess the impact of the risk and equate it to a score. After-which evaluate the scores to the types of risk you have identified and categorise which is the highest, medium and low risk. All risk need to be assessed and not left opened for that time-frame including hazardous risk need to be managed within that time-frame to minimise disruption levels.
Hope I have provided 'fruit for thought'. Cheers! Saving Changes...
