Risk Assessment
Risk Questionnaire is the basis for determining risk score for Opportunity/Proposal/Project
- It can drive triggers that the PM needs to handle
- It can also drive populating risks into the risk register based on responses
- A new version of responses to the risk questionnaire can add or remove risks from the project based on current state
Risk Management and Contingency Planning
- Risks may be added to the risk register from the risk library either directly or via the questionnaire, or copied from another project
- Risks are classified by impact and probability which is further used to assign a weighting to the risk cost to determine contingency amount
- Users can also assign a schedule impact to the risk that is compared to the available float in the project schedule
- If there is insufficient contingency on the project budget to account for a weighted risk cost or sufficient float to cover the cumulative risk schedule impact, additional risks are added to the risk register
- These additional risks are automatically adjusted as risks are mitigated/closed out or budgets are adjusted