Configure custom Risk rank and Risk value for a project

Configure custom risk rank and value scores (such as High-Medium, Medium-Low, or Absolute-Low) to rate the impact and probability factors for a risk.

Before you begin

Role required: pps_admin

About this task

Use the Risk Value Lookup module to set up the risk rank and risk value for a specific combination of risk impact and probability. The system uses these values to determine the degree of risk (Absolute, High, Medium, Low) based on the impact and probability factors of a risk.

The value in the Probability field is multiplied by the value of the Impact field to generate the values for the Risk rank and corresponding Risk value in the Risk form.

By default, you can use the following impact, value, and probability scores for a risk to create a risk rank and risk value score:

• Absolute
• Low
• Medium or Moderate
• High

For example, a risk might have high probability and medium impact but you might want to consider it as an overall low risk for the project. In that case, you would configure the Risk Value Matcher form with the following values:

• Impact = 2 Medium
• Risk Rank Color = Green
• Probability = High
• Probability Number = 1
• Risk Value = 3 Low

The following image illustrates the results of this example on the Risk form.

Procedure

1. Navigate to All > Project Administration > Settings > Risk Value Lookup.
2. Click New.
3. On the form, fill in the fields.

   Table 1. Risk Value Matcher form

   Field	Description
   Impact	Impact value of the risk. The default values are: 1 = High 2 = Medium 3 = Low
   Application	The application to which these risk values belong.
   Risk Rank Color	Color to indicate the severity of the risk. Tip: You can enter variations of a color to differentiate between risks with similar impact and probability values. For example, you could enter lightgreen to indicate a low-severity risk.
   Risk Value	The value for the specified risk impact and probability combination. The options are: High, Medium, and Low. This value is displayed in the Risk value field of the Risk form.
   Probability	Risk probability value to associate with the impact value of the risk. The options are: Absolute, High, Moderate, and Low.
   Probability Number	Numerical value to indicate the probability. This value is multiplied by the value of the Impact field for calculating risk rank. The default values are: 1 = Absolute 1 = High 2 = Moderate 3 = Low The calculated risk rank and the risk rank color are displayed in the Risk rank field of the Risk form.

4. Click Submit.