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.

Before you begin

Use the Risk Management viewlet to perform this task. In the navigation bar, click Work, and click the Risk tab.

About this task

You can plan and apply strategies to minimize the effects of risks on projects. When you create a risk action for a mitigation strategy or contingency plan, you can also assign a work item for the risk action. For example, if you face the risk of attrition, you can add a risk action against attrition and then create related work items, such as a work item to conduct interviews.

To add a strategy:

Procedure

  1. From the WBS tree, select a project. The name of the selected project is displayed on the top of the Risk management viewlet. Risks that are created under the project are displayed in the top pane of the viewlet.
  2. Click a risk name.
  3. In the Strategies section, from the drop-down list, select a risk strategy type.
  4. Click the Add icon Add icon. To add multiple risk strategies to the risk, click the Add icon multiple times.
  5. Name the risk strategy.
  6. Click Save.

What to do next

You can now create work items that are related to your risk actions. After these work items are created in the Risk view, you can manage these work items in the project WBS.
To delete a risk strategy, in the list of strategies, hover your mouse pointer over the strategy, click the Delete icon Delete icon, and click Save.
Note: You cannot delete risk strategies that are associated with work items.

Feedback