You create risks to record events and circumstances that
occur beyond the control of a project team, such as attrition. Project
managers can determine mitigation or contingency plans by foreseeing
risks as part of the project.
Adding project risks
When you plan a project, you identify potential risks,
such as personnel, legal, and, cost. You can add risks both before
the project starts and during the project. You might anticipate and
resolve risks proactively or resolve them as they surface.
Adding strategies to a project risk
To manage risks, project managers create one of two strategies:
mitigation strategies or contingency plans. Mitigation strategies are
for risks that are likely to occur; the goal is to minimize the impact
of the risk. Contingency plans are for risks that might
not occur, but that the project team should be prepared for.
Creating an action and a work item for a risk
When you create a risk action against a mitigation strategy
or contingency plan, you can create a work item that is related to
that risk action. For example, if you face the risk of attrition,
you might create a risk action against attrition and then create a
related work item, such as a work item to conduct interviews.