Risk Management

This article covers how to associate risks to projects and manage them.

The Risk module in Aidi is designed to enable project managers to manage risks associated with their projects. This can be for hypothetical situations or for risks that materialize into real issues.

✏️Note : Risk management is only available for Advanced and Enterprise plans on the Aidi platform.

As soon as your project is created, you can add a risk to it from the Execution menu, by clicking on the Create button.

Fill in the mandatory fields in the creation modal:

1. Select the project. If the project is set in the secondary sidebar, it will already be entered.
2. Name the risk.
3. Enter the name of the person responsible for monitoring the risk (chosen from the project contacts).
4. Select the project component with which the risk is associated.
5. Select the component item (Budget item) affected by the risk.
6. Select the project phase affected by the risk (optional).
7. Enter the probable monetary impact of this risk on the project (optional, can also be entered later).
8. Enter the probable impact in days, positive or negative (optional, can also be entered later).
9. Indicate the status of the risk: Evaluation, Followed, Cancelled or Occurred.
10. Select a category.
11. Click on Save and Open.

Once your risk has been created, you can update any information already entered (in blue) in the General section. In the Type field, you can select whether the risk is an opportunity or a threat, and click on the check mark to confirm your choice.

Qualitative Evaluation

This evaluation calculates the severity of a risk, based on its probability of occurrence and impact on schedule and costs.

To evaluate each item, click on Update, then move the cursor for each item to assign it a score out of 5.

Scale from 1 to 5:

1: Very low

2: Low

3: Moderate

4: High

5: Very high

If necessary, add a comment to support your evaluation and click on Save.

By specifically modifying the qualitative risk criteria, Aidi will automatically calculate a severity out of 25. This is done by multiplying the probability by the highest score between the impact on schedule and the impact on costs.

By clicking on History, you can see the evolution of the qualitative evaluation: the previous evaluation and the new evaluation, as well as the history of comments and who made the update and when.

Quantitative Evaluation

When creating a risk, you can enter the probable impact in terms of costs and days. You can also modify this information at any time, by clicking on Update. 

✏️Note on using negative numbers: Costs can be positive or negative. In other words, the risk could result in cost savings, in which case the amount would be negative.

Similarly, for probable impact in days, we can enter a negative number of days if we expect to save time if the risk is confirmed. 

As with the qualitative evaluation, you can view the logs for the quantitative evaluation by clicking on History.

Answers

You can also go into more detail in the Answers section, describing the risk, the consequences, preventive measures and possible actions if the risk is proven.

Risk Monitoring

The status of a risk can be updated from the risk list map view or in the Risk monitoring section of the risk detail page.

In the risk list map view, simply drag the risk card to the desired status column.

In the Risk monitoring section of the risk details page, you can also select the desired status and click on the check mark to confirm your choice.

1. The monetary impact of a risk has a direct effect on the Cost Summary. You can select from the list how this risk will impact the Cost Summary:

• • • To come: the risk is added to the risk column in the To come section of the Cost summary, thus having an impact on the Trend.
    • Real: the risk is added to the Real cost column of the Cost summary
    • None: not taken into account in the Cost summary

✏️Note: When a risk is cancelled by drag & drop or manually, it is automatically removed from the Cost Summary Trend.

2. The amount displayed in the Cost summary is the weighted amount. This amount is calculated by multiplying the probable impact amount in the Quantitative Evaluation section by the probability % determined in the Qualitative Evaluation section.

The probability percentage is calculated as follows:  

✏️Note: If the probability is not determined, the weighted amount will be equal to the probable amount.