Project Management

Risk, Risk Register, and Risk Burn-Down Use Case

Learn examples of how to manage and mitigate risks using Innoslate's Risk Diagram, Risk Register, and Risk Burn-Down features.

Introduction

Risk Management is crucial in systems engineering, involving the identification, assessment, and mitigation of potential risks that could impact a project. This process helps in proactively addressing issues, ensuring projects stay on track and meet their objectives. In Innoslate, we have two charts that help users visualize and conduct Risk management, the Risk Diagram and the Risk Burn-Down chart.

Tracking and mitigating risks ensures proactive problem-solving, better resource allocation, increased stakeholder confidence, and improved decision-making. Regularly monitoring risks helps maintain project schedules, budgets, and quality standards, essential for project success. 

* To follow along and try out the features mentioned in this walkthrough, click here to instantly download the Risk Management Project .INNO File and import it into a new Innoslate project.

Walkthrough Use Case

In Innoslate, you can use the Risk Diagram and Risk Burn-Down chart effectively by utilizing each view's different properties and attributes for the selected Risk entity class. 

Users can create Risk Diagrams and view a variety of Risks based on the Consequence vs. Probability of an event occurring. Risks each scored in both categories from a range of 0-100% which determines the placement of the risk within the table, displayed below. Changing the Consequence and Probability values of any given Risk entity will automatically change the position of the risk based on the new values.

The Risk attributes create the make-up and location properties on the Risk Diagram. The figure below displays R.2 High-Precision Component Costs and R.3 Expertise Shortage attributes details:

R.2andR.3AttributesTab

Through using the Risk Diagram, engineers can visually map out the potential risks based on their likelihood and impact. This visual representation helps in identifying which risks require immediate attention. By quantifying risks with specific attributes such as consequence and probability, engineers can evaluate the severity of each risk more accurately. This process also facilitates the development of effective mitigation strategies. 

Now that the risks are identified, engineers can evaluate the risk mitigation process using the Risk Burn-Down Chart. 

This chart provides a visual representation of how the probability of a risk decreases over time as mitigation actions are implemented. Below are images that illustrate the Risk Burn-Down for "R.2 High-Precision Component Costs" and its corresponding dataset.

ComponentCostRiskBurndown

The Risk Burn-Down Chart shows the reduction in the probability of the "R.2 High-Precision Component Costs" risk over time. Each step down in the chart represents a successful mitigation action that has reduced the risk's probability. The dataset includes specific dates and the corresponding probabilities at each step, visualized as dots on the chart, which are the breaking points in the lowered probability over time.

The dataset feature on the toolbar of Risk Burn-Down charts provides various options for editing and managing the data that appears on the Risk Burn-Down Chart. This includes adjusting line options, adding new risks, and editing existing Risk entries.

ViewDatasetRB

  • Users can customize the appearance of the Risk Burn-Down Chart by modifying line options. This includes changing the line color, point style, point radius, and point border color.
  • Users can click the "Add New Risk" button to add New Risks to the dataset. This action opens a form where users can enter the details of the new risk, including its name, description, consequence, probability, and status. This new risk will then be added to the dataset and visualized on the Risk Burn-Down Chart.

The Dataset from the risk burn-down chart shows:

  • Initial Probability (9/18/2023): 70%
  • Post-Mitigation 1 (10/9/2023): 55%
  • Post-Mitigation 2 (10/23/2023): 45%
  • Post-Mitigation 3 (11/20/2023): 30%

The Risk Burn-Down Chart is a powerful tool for tracking the effectiveness of risk mitigation strategies by providing a clear, visual representation of how risks are being reduced over time. This chart helps engineers monitor the progress of mitigation actions, identify which strategies are most effective, communicate status updates to stakeholders concisely, and make informed decisions on future actions based on observed trends.

Once risks are identified using the risk diagram, users can view their data in other structures using the database view. Risk Register is a crucial tool in project management, designed to identify, assess, and manage potential risks that could impact the success of a project, in a structured table view. It serves as a central repository for recording all identified risks, their severity, likelihood, and the strategies to mitigate or respond to them. 

In the walkthrough project, the Risk Register can be accessed using the "AV Risk Register" query in the database view. This query will cater to the table view to show the risks, their description / mitigation method, probability, consequence, consequence description, and status. Mitigation Strategies can alternatively be implemented in this project using relationships as well if desired.

AV Risk Register

By identifying and analyzing risks in Innoslate's Risk Diagram, Risk Register, and Risk Burn-Down Chart, engineers can ensure that all potential risks are systematically addressed, thereby enhancing the reliability and success of their projects.