Risk form of Project Workspace

Learn about the fields on the Risk form of the Project Workspace. Use this form to add risk to your projects.

Table 1. Risk form

Field	Description
Number	System-generated ID number with a configurable prefix.
State	Current state of the risk. All new risks are created in the Pending state. The available states are: Pending Open Work in Progress Closed Complete Closed Incomplete Closed Skipped
Risk status	Status of the risk. The available options are: Pending Achieved Not Achieved Avoid Mitigate Transfer Accept
Probability	The likelihood that the event described in the risk may occur. The available options are: Absolute High Moderate Low
Impact	Impact of the risk event on the outcome of the project.
Estimated cost	Estimated cost generated by the risk event.
Risk rank	A value and color assigned to the risk. This value is calculated using risk probability and impact. You can configure the color and value using the Risk Value Lookup. For more information, see Configure custom Risk rank and Risk value for a project.
Risk owner	Primary resource who is responsible for monitoring and managing the risk.
Assigned to	Primary resource assigned to work on the risk.
Risk value	A value calculated from the Risk Value Lookup. For more information, see Configure custom Risk rank and Risk value for a project.
Due date	Requested date for one of the following situations: If the risk has an assigned resource, then the Due date is the date for resolving the risk. If the risk is assigned to any resource, then the Due date isn’t the date when the risk must be closed or addressed.
Show on project status report	Option to specify whether the risk information should be included in the project status report.
Task	Project to which this risk belongs.
Short description	Brief description of the event and its potential impact on the success of the project. If the risk is created from the risk library, then this field displays the Risk Statement name.
Description	Details of the event and its potential impact. If the risk is created from the risk library, then this field displays the Risk Statement short description.
Actual cost	Cost generated by the risk event. This information gets added when and if the event occurs.
Mitigation plan	Brief description of efforts taken to mitigate the risk.

Note:

The Risk Assessment Summary section only appears when the Enable Advanced Risk PPM Integration property is enabled.

Table 2. Risk Assessment Summary section of the Risk form

Field	Description
Inherent risk	This field gets auto-populated with the risk scores when the risk assessor evaluates the inherent risk.
Elevated to enterprise risk	This option gets selected automatically when the risk is elevated to enterprise risk by the project manager.
Residual risk	This field gets auto-populated with the risk scores when the risk assessor evaluates the residual risk.
Enterprise inherent risk	This field gets auto-populated with the risk scores when the risk assessor assesses the enterprise inherent risk.
Enterprise residual risk	This field gets auto-populated with the risk scores when the risk assessor evaluates the enterprise residual risk.