Risk Management with Jira

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Entrepreneurial activity is always associated with risks. Since risks cannot be completely avoided it is important to recognize them in time to minimize the possible damage or eliminate it completely. Risk management can be considered as a part of project management.​

What is a risk?

A risk is an event that has a certain probability of occurring and causing damage. Such risks can be of technical, financial, or political nature.


To determine how threatening a risk is for the project success the risk value will be taken into account. The risk value is calculated by multiplying the probability of the risk with the cost of its impact.

Risk management with Jira

How to access risks?

Risk assessments, checklists and workshops can help to identify possible risks. It is important to have a proactive approach here. Proactive means to define or identify risks early enough and to take proper action if needed.

 

Project management software, such as Jira, which was developed by the company Atlassian, helps to

 

1. Identify and analyze risks
2. Make correct decisions in projects

3. Implement measures
4. Check the effectiveness of measures

 

Implementing Jira for project management can improve the overall project and risk management.

VIP.LEAN_riskmanagement

1. Open: Defining the potential risks
2. In assessment: Probability of occurrence and monetary impact is recorded
3. In mitigation: Proactive control against the risk by the project manager. If the project manager is not authorized to decide himself, the decision is handed over to a higher authority, such as the steering committee. However, the project manager may make a recommendation for action.

4. Closed: A decision was made that could minimize or, ideally, prevent the risk.

Jira allows to collect and data along the life cycle in real time and analyzes it automatically. The data can be converted to a risk matrix, which serves as a basis for action. A risk matrix created with Jira can look like this:

The risk matrix

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