Importance of Risks in Project Management
Manageable Risks do not create big problems!
15 February 2021 , New Features
Imagine you are out on a sunny day. Suddenly, dark clouds emerge with the chance of rain. Now you have the ‘Risk’ of getting wet by the possible rain. However, if you had an umbrella ready with you, that’s your precaution against getting wet by the rain, and that’s Risk Management.
If a ‘Risk’ is defined as anything that could have a probable influence on your project’s timeline, budget, or performance, then ‘Risk Management’ is therefore the process of identifying, categorizing and planning for risks before they occur. Despite sounding negative, ‘Risk Management’ is being ‘Proactive’ rather than ‘Reactive’.
Everything has its own risk. That doesn't mean don't take risks at all, just plan ahead for possible outcomes. Outline the risks for your projects and possibly the tasks which will be affected by it and have an action ready in response to a possible eventuation of a risk.
Follow the instructions below to see how risk management is done very easily with CloudOffix:
From the Search menu, click on ‘Risks’.
The ‘Risks’ view will open. Fill in the fields as follows.
Enter the Risk name, assign an existing project from the dropdown menu or create a new one.
Choose the Category the risk falls into.
Select the probability of the risk happening from the dropdown menu.
Select the level of impact your risk will have, if it eventuates.
Click on ‘Affected Tasks’ to choose the tasks which will be affected by this risk, if there are any.
Choose the action to be taken in case of the risk eventuating. Don’t forget to click ‘Save’.
Come back to the Project view once you have created your Risks. From here you can go into Tasks by clicking on the button as shown, which will take you to the Kanban view.
In the Kanban view, click the Gantt Chart icon located on the top left of the screen.
Here you can see your tasks I their timelines. In this case, the risks have not been calculated because the Risks checkbox is not ticked.