Creating a Risk Factor

The risk owner and assignees, project owner, and Project Leads can add risk factors during the lifecycle of a risk to reflect changes in the risk's status. When you add a new risk factor, its value displays on the dashboards and Risks page. You cannot edit previous risk factors. Once created, a risk factor cannot be deleted. However, if you add a risk factor in error, you can edit its values (see Editing Risk Dates and Risk Factor Values), or create a new one. Since only the latest risk factor is reflected on project dashboards and summaries, the erroneous risk factor will not be counted.

Before you begin: View the list of risks and risk factors. See Risks and Risk Factors Page.
  1. Click Create Risk Factor .
  2. Enter details for the risk factor:

    Policy. The policy that governs the risk factor's lifecycle. There may be only one listed.

    Probability. An estimate of how likely it is that the risk will occur. The range is from 1 to 5, with 1 the lowest. The default is 5.

    Impact. An estimate of the impact the risk will have on the project. The range is from 1 to 5, with 1 the lowest. The default is 5.

    Risk Factor. The system calculates this value by multiplying the Probability value by the Impact value. You cannot edit this field.

    Effective Date. The date on which the risk factor values take effect.

    Status. A brief status of the risk, especially relative to the probability and impact values. If no status exists, the status is Unknown.

  3. Click OK.