Explains how to adjust your risk's target impact and/or probability progressively as each mitigation task is executed
How can Mitigation Tasks Reduce a Risk's Impact?
Risks can be mitigated by putting in action a plan or series of tasks to reduce or minimize the risk's cost, schedule or performance impact.
The mitigation plan often comprises a series or list of tasks which, taken together, reduces the impact of that risk. In this case maintain the residual or target impact for that risk which will come into affect when the mitigation plan is completed.
More serious risks may be mitigated gradually or progressively over time, with specific tasks planned to reduce the cost impact or probability of that risk occurring, by specific amounts:
- For example if there is a risk of a key sub-contractor failing to deliver, then one task or series of tasks to bolster or help the subcontractor by lending expertise may reduce the probability of that risk occurring but not the cost impact from failing to meet a key milestone
- A second task or series of tasks, perhaps to source an alternative or back-up supplier, may further reduce the cost impact of that risk from potentially significant impacts to program delivery to a lesser impact of using an alternate or less experienced supplier
How to Maintain Task-specific Risk Probability or Target Cost Impact
Within the RESPONSE tab of your risk, select the response for mitigation or control, allowing you to enter mitigation tasks
- Enter the tasks or series of tasks proposed to mitigate or control your risk
- For each task or series of tasks which impacts the target probability of your risk select the new target probability which is anticipated once that specific task has been completed. If you don't see the Target % column you can add it here
- Enter the residual or target cost impact for the risk anticipated once the task is completed. If the task only impacts the probability and not the cost impact then enter the same cost impact as the previous task (or the initial cost impact)
- The weighted target cost impact is automatically calculated as residual cost impact (for that task) multiplied by the target probability (for that task). Overall target severity can be taken into account depending on the risk policy.
5. The weighted cost impact for this task will be used in the risk heatmap and project reserve once this task has been marked as "done".