Risk management for projects and portfolio
Managing risks is an integral part of good project management. Splitvice allows to look at project risks within the project but also from a portfolio point of view.
Risk management for projects
Project risk management is a technique well understood. You list the risks and assess the probability and the impact if the risk would occur. You focus on the most important risks and define actions to reduce the risk.
Those mitigating actions can be to reduce the probability (e.g. negotiate penalty clauses in a contract) or to reduce the impact (find a second supplier).

Typically, the risks are scored using a color code according to PMI standards where the most severe risks are colored in red:
In Splitvice, risks are very easily defined in 'Risks' menu of a project, with the severity automatically calculated and displayed.
Risk evolution
It's 1 thing to see the risks as it is now, but managing risks is of course about reducing the severity of each risk by:

  • Reducing the probability (e.g. get a penalty clause in a contract of a supplier)
  • Reducing the impact (e.g. have a plan B ready)
If you handle risks, the risk score will go down.
In Splitvice, the Project risk history report is a new work management report
This evolution can also be displayed as a widget on your dashboard so you see the risk evolution of any project at a glance.
Risk management on the portfolio level
But of course, in Splitvice it's about more than the individual projects. You can also monitor the risks on the portfolio level. To do so, use the Risks menu in the portfolio menu. The portfolio risk evolution is shown on the left, and you can dive deeper into a specific risk by clicking on a specific data point. The drill-down of that project is then shown to the right
Conclusion on risk management
Risk management is a very important aspect of project management.
Splitvice allows to manage risk and risk evolution, up to the portfolio level.

e-mail us: info@splitvice.com