Risk Management Tools

Risk management is an essential element of good project management, yet is often not done well. The objective is to identify factors that could derail the project early in the process, allowing corrective action to be taken. PD-Trak’s risk management tool is a simple but effective solution that captures a list of common risk factors for new product development and technology development projects. The project manager reviews this list with the team at strategic points in the project timeline to assess risk and to development contingency/mitigation plans. Best practice-based Project Process Templates in the project management tool include pre-populated risk management tables with typical risk factors that may apply to the project.

How it Works

The predefined risk events in this tool can be modified to be relevant to the specific types of projects/products in your company and the associated risks. Projects then start out with these risk items in the tool. Risk factors that don’t apply can be deleted and the remaining items can be scored, ranked and managed. New risk items that are specific to the project can be added.

The worksheet uses a simple Probability and Impact scoring system as the basis for the Risk Priority Number (RPN) which can be used to sort the risk factors so that the risks that pose the greatest threat to the project are at the top of the list. The risk factors with high probability and impact are then assigned to team members to develop and implement prevention or mitigation contingency plans.