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 the following five steps:
|1.||Identify risks and represent each with a Risk element.|
|2.||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.|
|3.||Assess the likelihood and magnitude of the risks.|
|4.||Identify ways to mitigate the risks.|
|5.||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 Project Management 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.
|•||Risk elements can be displayed with or without an identifying R in the top right corner of the element; to toggle the display of this letter, select or deselect the Show stereotype icon for requirements checkbox on the Options dialog, Objects page|