- The events or circumstances inside or outside the project that can affect the success of the project are called Risks.
- Risk can be Identified - Intensity change in level - Occurred - Dropped using the RISK module.
- With the help of risk details and Mitigation plan status, status of the risk can be easily identified.
- The stages in the life cycle of a risk are as follows:
- Risk identification -> Risk assessment -> Mitigation plan definition -> Risk occurrence -> Implementation of mitigation plan -> Closure
- An identified risk that is no longer perceived to be a risk for a project can be dropped from the project.
- A risk that has occurred cannot be dropped.
- The severity of the risk is calculated automatically. It is the combination of the impact and probability of the risk.
- While adding the risk, the risk mitigation plan can also be added.
- This plan is the corrective or the preventive measure to avoid the risk or reduce its impact in order to make the project successful.
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