A Risk is defined as the effect of uncertainty on objectives. In Project Management, it is necessary to try to identify risks and assess:
- The likelihood that they have a negative effect on a project and
- How large that effect is likely to be
Those risks with a high probability of occurrence and/or a large impact on the project can be mitigated.
A Risk Management process might consist of these five steps:
- Identify risks and represent each with a Risk element.
- Identify which elements (such as Components, Use Cases or Features) are vulnerable to each risk; you might decide to create «trace» dependencies from these elements to the Risk elements.
- Assess the likelihood and magnitude of the risks.
- Identify ways to mitigate the risks.
- Prioritize the risk reduction measures based on their likelihood, magnitude and ease of mitigation.
Risk elements are not the same as the risks that you assign to an element through the Risks window. Such risks are internal to the selected element, whilst a Risk element can be associated with a number of elements, either in a logical group or totally separate.
Risk elements are available from the 'Requirements' page of the Toolbox.