How To View Risk Review & Risk Response In ZilicusPM : ZilicusPM

Risk Review & Risk Response

Additional Note

What is a Risk Review & Risk Response?

Risk Review: Once Risk is submitted to risk register, Project Manager needs to assess it for its impact. First of all, he need to decide what is the likelyhood of the risk, what is the severity of it. Thus by evaluating these risk parameters, he will know what will be explosure of this risk to his project.
Risk Response: As Project Manager assess the total risk exposure, the next thing he need to plan is – How to Respond a given risk. He can either

◦ Accept the risk
◦ Mitigate it
◦ Transfer it
◦ Make it Contingent
◦ Avoid it

And based one of these action, he can delegate it to his team members for further action.

Navigate Projects> Select a Project > Click on 'Go To Workspace' link > Project Workspace > Risk bar in left panel > Click on 'Risks To be Reviewed' in the same panel > Click on desired Risk in the list of risk as shown in main workspace > Click on Review Risk Link as shown

1. As you click on 'Review Risk', you will see a 'Review Risk' box as follows

2. You need to enter following details to review the risk

Risk Probability (Mandatory, Defaulted to Zero '0') Select from the range (0-100) percentage
Risk Impact (* Mandatory) Select a value from dropdown
Risk Response (* Mandatory) Select a value from dropdown
Assigned To (* Mandatory) By default, it would be assigned to project manager who can change it later on to appropriate team member.
Due date (option) when a given risk is expected to be resolved (depending on what organization means by ‘Resolved’)
Mitigation Plan ( Optional) – Type in as you would do in word processor
Contingency Plan ( Optional) – Type in as you would do in word processor

3. As you provide necessary details, you can complete the risk review & Response by clicking on Save Button.

Assign/Reassign Risk

1. As Risk is created, it is assigned to Project Manager for review.

2. Once project manager completes review, he can re-assign the risk to one his team members for further actions (responsible to execute contingency/ Mitigation response plan)

Update Risk Review & Response Plan

1. As you click on 'Update Review', you will see a 'Review Risk' box

2. You need to enter following details to review the risk

Update Risk Probability (Mandatory, Defaulted to Zero '0') Select from the range (0-100) percentage
Update Risk Impact (* Mandatory) Select a value from dropdown
Update Risk Response (* Mandatory) Select a value from dropdown
Update 'Assigned To' (* Mandatory) By default, it wouldbe assigned to project manager who can change it later on to appropriate team member.
Update 'Mitigation Plan' ( Optional) – Type in as you would do in word processor
Update 'Contingency Plan' ( Optional) – Type in as you would do in word processor

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