Introduction

Risk management is a continuous process of identifying, analyzing and responding to risk factors throughout the life of a project - all in the best interests of its objectives.

Assessing and managing risks is a serious topic that should be well managed in order to avoid project catastrophes. By evaluating your plan for potential problems and developing strategies to address them, you can improve your chances of a successful project.

The R2021x FD04 release introduced a new web application (widget), called Risk Management, which is available with the Project Manager (DPM) role. It provides a new user experience to create and manage project risks in a 3DDashboard environment.
Using the Risk Management application, business users can describe risks and capture risk details, assign risks to users and track the mitigation process in a simple way.

Note: When dealing with Risk Management in the 3DEXPERIENCE platform, we are always referring to risks in the context of a project.

Main Capabilities of the "Risk Management" App:

• Create new risks
• Work with risk context
• Add Affected Items to the risk
• Attach documents to the risk
• Assign members to the risk
• Classify the risk
• Manage risk rating and view risk trend
• Manage risk action plan
• Filter risks
• Monitor risks using summary view

Working Process:

Identify

The process starts by Identifying possible & potential risks that might jeopardize the success of a project:

• Create a risk & set the risk context
  When creating a risk, the risk is created against a project or a specific task. It is then possible to filter the list of all risks based on the context. For example, display only risks created in the context of a particular project.
• Add more risk information
  • Add Affected Items - Items, which are affected by the risk.
  • Related content - Attach documents to assign as an attachment

• Assignees – The people assigned to work on the risk
  Assign the risk to other users to start working on it

• Classify the Risk
  • Setting the type of the risk, which includes an OOTB list of values such as: Cost, Quality, Technical, Schedule and more.
  • Classify Risk in library classes allows you to extend the type of risk OOTB list without customization.
    If classification attributes exist, the risk acquires the class attributes.
    

Assess

Next the project team starts to analyze and assess the risks, and choose those which are the most likely to occur. They categorize and prioritize risks for assessment and resolution.

• Risk RPN (Risk Priority Number) and Risk Trend
  • In ENOVIA, the RPN is also called Risk Rating or Risk Factor, which is a combination of Probability of Occurrence and the Impact of the Risk. A higher RPN number represents a more critical risk.  
    The system calculates the RPN value by multiplying the probability value by the impact value. The probability and impact values can both range from 1 to 5 ( 1 being the lowest and 5 the highest). Therefore, the RPN can range from 1 (1*1) to 25 (5*5).

• Risk Trend is a chart shows the trend over time whenever Risk Rating values change. As risk management is a continuous process, the risk owner can set different values of the risk rating over time.

Mitigate/Control

At this point, the project team is ready to develop responses to the risk and assess remedies to manage the risk by developing a plan and putting it into action.
The best action would be to prevent the risk from occurring, but sometimes the only available action is to mitigate the risk or simply control it.

• Define and track the Risk Action Plan
  Here we define what is the action to be taken to mitigate the risk and how we measure the success. We set the “Risk Action Plan” type, the “Measure of Success”, the Abatement Plan,” and then select the task or project we plan to resolve it with.

Monitor

Now you can monitor Risks based on color charts
Using the summary view that contains four color charts, you can monitor:

• All risks
• Risks owned by you
• Risks assigned to you

With these charts, you can have a quick glance at the key indicators:

• The heat map is a two dimensional chart, based on probability and impact. It shows the number of risks belonging to each probability and impact category.
• Risk Breakdown chart has three categories of risks: Low, Medium, and High. The colors match the Risk Heat Map. The total count of all risks is displayed in the middle of the pie.
• Risks Classification chart displays the number or risks in each risk classification (type of risk & Library class).
• Risk Action Plan chart displays the number of risks based on the Risk Action Plan type.

The  following video illustrates the ‘Risk Management’ app in more detail:

Tips_and_Tricks R2021x​​​​​​​

🟠Project_Manager ​​​​​​​