6. Project > Project risks

A Project is subject to constant change in its business and wider environment. The risk environment (Project risk) is constantly changing too. The Project’s priorities and relative importance of risks will shift and change. Assumptions about risk have to be regularly revisited and reconsidered, for example at each end stage assessment. [PRINCE2Revealed]

Project risk probability is the evaluated likelihood of a particular outcome actually happening (including a consideration of the frequency with which the outcome may arise).

The risk impact is the evaluated effect or result of a particular outcome actually happening.

Hint

PRINCE2 recognizes 3 types of issues: request for change, off-specification, and a problem/concern. The Project manager is free to setup other types of issues depending on its business.

Hint

If one risk is “realized”, it becomes an issue. (See Project > Project Issues)

Hint

The data model of a risk is described here https://www.stratexapp.com/help/Risk.htm

Assign a Risk to a Work package

6.1. Assign an Action to a Risk

Actions may be setup for each Risk in order to mitigate the risk as much as possible. For example, one can setup regular reviews of an activity to ensure that this activity is duly taken care of and that the customer won’t find obvious mistakes during the User Acceptance Test.

Hint

The data model of a Project is described here https://www.stratexapp.com/help/Action.htm

Manage an Action to mitigate the Risk realization

  1. Open https://www.stratexapp.com/Risk/
  2. Click on Details
  3. Click on Actions for the risk