Most project management systems have a method to document potential risks for a project. PM Compass also allows you to do this. These risks display in multiple management reports so that all team members can focus on reducing the likelihood of the risk event.
You can use Risk to perform the following:
Risk management is critical to the success of any project. If, during the planning stage of the project management process, you do not implement a risk management plan, the project will likely fail.
A risk register identifies, assesses, and manages risks down to the acceptable levels. The common elements of a risk register are the following:
Risk Type (Cost, Schedule, Technical) — This is the classification of the risk and what the risk affects.
Probability or Likelihood of Occurrence — This provides an assessment of the likelihood of a risk's occurrence. Examples of the classifications are: Low (<30%), Medium (31-70%), and High (>70%).
Impact of the Risk (Severe, Moderate, Low) — This provides an assessment of the impact that the risk's occurrence will have on the project.
Mitigation Steps — These are the actions that must be performed to prevent, reduce, or transfer the risk.
Risk Owner — This is the individual responsible for ensuring that the risk is appropriately managed and that the mitigation steps are undertaken.
Status — This indicates whether the risk is a current one; if it can no longer arise and affect the project; or if the mitigation steps have significantly reduced the likelihood of the risk.
You can also add other columns, such as the quantitative value, if appropriate.
By default, PM Compass includes two Risk types to facilitate a basic risk register:
Project Risk — This documents the risk.
Mitigation Step — This is used to document the steps for mitigating the risk that reduces its likelihood or severity.
Mitigation steps are actions that are also Risk child workflows. Use these to assign someone to perform a task to mitigate the risk. They are different from the standard action items because they are connected to the Risk. See the Mitigation Steps Overview for more information.
You cannot access mitigation steps from the Navigation menu. To display both the project risk and mitigation steps in the List View, you must click Workflows » Risk on the Navigation menu.
You can view the mitigation steps on the Child Workflows tab by clicking Workflows » Risk » Project Risk.
The default Project Risk uses custom fields. The default Mitigation Step uses source fields. You can define and modify these fields and the list of values using User-Defined Data. After you have set them up in User-Defined Data, you must select them for the Project Risk or Mitigation Step type in Workflow Type Configuration.
All workflow categories in PM Compass share common List View grid columns and common toolbars.
There are two toolbars:
List View toolbar — Use this toolbar for tasks such as creating a new workflow or selecting a workflow action.
Form toolbar — This toolbar displays in the Form View. Use it for tasks such as starting workflow steps or deleting a workflow.
Learn to navigate through workflows