Global Risks
Global Risks are common risks that may be assigned to more than one project. Defining Global Risks will help you build a corporate Risk structure to support your entire portfolio. The global risks tab is hidden by default. To see it, go to the Home screen and click "Edit Global Risks." To close it down, you can click the x on the tab.
Defining New Global Risks (Risk Register)
When a new global risk is added, the following default values are assigned:
- Name - an initial unique value
- Description – blank
- Risk Type – Standard
- Probability – 100%
- Color – default risk color
All of these values can then be modified as necessary.
In the Risk Type field, you may choose between Standard and Calendar options. The risk calendars will be explained in the next chapter. The probability column identifies the likelihood each risk will occur; the color column determines the risks further. The color is also seen in other application parts, most notably in reporting. You are allowed to define as many Global Risks as required.
For any Global Risk, you can define risk impacts by either the schedule or the cost.
The Global Risk Impact Table
You may define the risk impacts by selecting the Schedule Impact, Cost Impact, or both. When you choose any of these options, the following information is required:
| Fields | Options |
|---|---|
| Categories | Schedule – Impacts the duration of the activities / project Cost – Impacts the Fixed Cost element of the activities/project |
| Impact Type | Relative – The impact, when it occurs, will be a percentage of the impacted activities Schedule or Cost, dependent upon its Category Absolute – When it occurs, the impact will be an absolute value added to the impacted activities' deterministic duration or cost. |
| Distribution Function | Triangle – Popular distribution for modeling the duration of activities Uniform – Used when all values have an equal probability of occurring Trigen – May be used when the extreme ends of Triangle appear unrealistic Normal – May be used where historical data is available as normal distribution Cumulative – Can be useful if historical data is available Discrete – Used to model a specific set of values without any intermediate values BetaPert – Useful when there is more emphasis on the most likely value |
First, select the required distribution shape as shown below when creating the distribution function. Once this has been chosen, the input values for the selected shape will become available. In the example below, a Triangle has been chosen as the shape, and this distribution requires that a Minimum, Likely, and Maximum values be provided.
A visual representation of the entered distribution function is dynamically displayed on the right-hand side.
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You can also enter the desired values for Min, Likely, and Max and see the changes instantly in the Risk Diagram.
Delete Global Risks and Impacts
You can delete global Risks either by clicking 'Delete Global Risk' icon or by using the Del key on your keyboard. When you delete a Global Risk, all the related risk impacts will also be deleted. You can delete additional risk impacts in the same way. You are not permitted to delete global risks included in a project without first deleting the relevant project risks.
Copy and Paste Global Risks
You can select the desired risks using the Copy and Paste icons and copy/paste them to/from other applications such as Microsoft Excel or duplicate them within Safran Risk. This will only copy the risks, not their impacts.
Import and Export Global Risks
When you export a risk, all the information related to that risk, e.g., risk impacts, calendars, etc., will be saved in an XML file. This function is very useful when you need to exchange risks between various projects in different locations.
