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I would infer the RAG status with Risk and Issues correlates with its relative impact. If the issue is resolved, it would be removed from the list. Seemingly the Issue section would change often, while the Risk section would tend to be more static.
In general we've always classified them based on a score, and also added another color (fuscia) for critical risks. I created a small table 5x5, Impact along the Y axis, and probability on the X axis. Impact values are 0.20, 0.40, 0.60, 0.80, 1.00 and Probability values are 0.20, 0.40, 0.60, 0.80, .99. Create in Excel and let the cells be multiples - 0.20 x 0.20 = 0.04 etc. Color values 0.00 - 0.24 Negligale, 0.25 - 0.49 Low, 0.50 - 0.74 - Moderate 0.75 - .99 Severe, 1.00 Critical. Then for each risk/issue, create a column and the team can talk through the % chance of the impact and probability. Third column can be color coded to automatically show the level of risk/issue.
The only thing that work is: project stakeholder management. You have to know your stakeholders to decide about all related to information to publish. And that is critical when you are talking about risks. For example, what you have to publish becasue it will be read for risk adverse stakeholders is not the same when it will be read for risk seeking stakeholders. On the other side when to consider a risk red-yellow-green must be driving by organzational policies applied to project special characteristics. What is a red risk related to scope-time-cost for my organization could not be the same for your organization. That is critical.
Sounds pretty obvious that you need some definition's on your new template on exactly what each of the RAG's mean. It is better if this status is calculated for you based on some KPI's in the progress report / PM application. This prevents the last minute 'tweaks' that occur to avoid the spotlight on challenging projects.
Yes, Mike and Liana are right. Your template should have the appropriate definitions, probability etc. You shouldn't be guessing or assuming what the status means. Gina describes this nicely in her article here (http://www.ginaabudi.com/what-does-red-amb...your-projects/) and there is probably some more in depth info here if you search for it.
I second, Mike, Liana and Naomi point. Get the information on the meaning. Like Liana, I use to similar calculated formulas.
I have seen for executive summary the RAG with arrow informing of change from previous report (up, down or stable)
Report on 5 major Risks ans Issues, in my opinion not much green in there.
When the form was developed the definitions for the RAG status should have been set as others have stated.
From my experience, I've used the following for risks:
Red - Risk is either unmitigated or has a very high probability of occurring
Amber - Risk is mitigated as low as possible but remains as long the potential for it to happen remains
Green - Risk no longer a threat and is removed in future reports
A well designed and automated template should also include tracking changes, automatic calculations, columns for current course of action, mitigation plans, etc. In a snapshot, you have a comprehensive summary.
Automation can be done by business/data analysts/IT or any staff who have background in VBA.
You can "customized/tailor-fit" your logs, reporting tools depending on your needs. You can include anything you want in your issue log using VBA.
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