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Linking Risks to Budgets

Link post-treatment risk costs to your budgets through automated risk provisions

 
 

Table of Contents

  1. Key Concepts
  2. Step-by-Step Guide
    1. Create/Edit a Risk with a Cost Impact
    2. Enable the Cost Module Link
  3. Best Practices
  4. Troubleshooting

Key Concepts

  • Risk Provision: A cost item automatically created in the Cost Module to account for identified project risks
  • Pre-Treatment Rating: The initial cost impact of a risk before mitigation measures
  • Post-Treatment Rating: The expected cost impact after implementing risk mitigation measures
  • Contingency Budget: A budget category typically used for managing risk provisions

Step-by-Step Guide

Create/Edit a Risk with Cost Impact

  1. Navigate to the Risk Module in your project dashboard
  2. Create a new risk or select an existing risk
  3. In the risk form, locate the Impact and Treatment sections
  4. Enter the Pre-Treatment and Post-Treatment cost ratings
  5. Save the risk details

Enable the Cost Module Link

  1. Within the risk form, locate the Cost Module toggle
  2. Click the toggle to enable the link
  3. (Optional) Set the Factoring Percentage to adjust the Risk Provision Amount in the Cost Module. A lower percentage will reduce the final provision amount
  4. Select the target Budget for the Risk Provision assignment
  5. Click Save to create the Risk Provision automatically in the Cost Module

Note: The Risk Provision amount will reflect any applied Factoring Percentage adjustments

Best Practices

  • Review and update risk costs regularly to ensure provisions remain accurate
  • Assign risk provisions to appropriate budget categories for better tracking
  • Use the risk register link in the Cost Module to review full risk details
  • Maintain clear documentation of risk treatment decisions that affect cost provisions

Troubleshooting

Risk Provision Not Appearing

  • Symptom: Risk provision doesn't appear in Cost Module
  • Cause: Cost Module toggle not activated or Risk is not Active
  • Solution: Verify toggle and Risk status

Incorrect Risk Provision Amount

  • Symptom: Risk provision amount doesn't match risk assessment
  • Cause: Multiple impact/treatment entries not properly calculated or Factoring has been applied
  • Solution: Review all impact and treatment entries and the Factoring Percentage in the risk form

Note: Changes made to risk treatments will automatically update the corresponding risk provisions in the Cost Module.

Last Updated: February 21, 2025