Project risk assessment comes in different forms, such as dynamic risk assessment and qualitative and quantitative risk assessment. Project risk assessment is a crucial area of effective project management as it helps teams to prepare and plan for potential issues before they arise. In this article, we will take a look at the project risk assessment model, a project risk assessment example and how Sinnaps project management software app can help you to effectively and efficiently manage the risks of whatever project you are carrying out.


Project Risk Assessment


Project Risk Assessment Steps


All types of risk assessment generally follow the same steps, however different names may be given for different steps depending on the project risk assessment criteria. Let’s take a look at the stages of risk assessment:

  1. Identify the risk: In this step, the potential risks your project could face are identified, described and recorded.
  2. Analyse the risk: After identifying the risks, the likelihood and consequence of each risk should be determined.
  3. Evaluate the risk: In this step, the magnitude of each risk should be evaluated, and it must be decided as to which risks require treatment.
  4. Treat the risk: In this step you will treat the highest ranked risks by setting out a plan on how to modify the risks by having mitigation strategies, preventative and contingency plans.
  5. Monitor the risk: Throughout the project, the status of each risk should be monitored and reviewed.


A Control Panel Based on Earned Value (EVM)



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Project Risk Assessment Process


The project risk assessment framework outlines that effective operational risk assessment should be carried out by someone involved with the project and revolving around the context of the project and taking into consideration the characteristics of the person. The Project context describes the nature of the project such as its working environment, project progress to date and the actions of other team members. The characteristics of a specific team member refer to their capability, motivation and perceived responsibility for carrying out likelihood and impact risk assessment.


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Project Risk Assessment Tools


Project risk assessment software such as Sinnaps can greatly help in assessing the risks of any project that you and your team are working on. The cloud-based app allows you to not only effectively plan the workload and goals of your project, but also provides a risk assessment system to cover that aspect of agile risk management.

Project risk assessment analysis and task risk assessment can be carried out with tools such as Testmode on the Sinnaps online app. Testmode is a tool that allows project managers to evaluate the effects of any potential changes before implementing them so that they and the team can take necessary measures to address potentials changes and to prepare in advance.

KPIs are also useful tool that allow project managers and teams to keep track of progress while also helping to identify any shortfalls that the team is currently experiencing and any projected shortfalls to come.


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Project Risk Assessment Example


Let’s take a look at how to do risk assessment for a project by using an example. Let’s say you are undertaking a Marketing Campaign project. First, you and your team identify the risks that could affect the outcome of the marketing campaign. These risks could range from a team member falling ill or a delay in market analysis, which can also be referred to as equipment and employee risk assessment.

Now it is time to evaluate the likelihood and impact risk assessment of each of the risks. Rank the risks in terms of their magnitude and decide whether they are serious enough for treatment. Treat the risks such as the potential team member falling ill, for example by planning for suitable replacements in the case of that happening. In the end, don’t forget to monitor and review the risk and its status throughout the project.


The Benefits of a Good Risk Assessment Methodology


Having a good risk assessment methodology and effective project risk assessment techniques is very beneficial to you, your project team and the results produced. Risk assessment evaluation may seem like an extra task that takes time and energy, however you will not regret the time and effort that you and your team put in when a problem pops up and you know how to deal with it. This mean that issues will not cause major disturbances to the project and risk planning will help it to run more smoothly overall.



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Whatever project you are carrying out, be it engineering risk assessment or IT risk assessment, Sinnaps risk assessment evaluation tool is there to help you. The project risk assessment matrix is important to understand as project risk assessment cannot be overlooked. Try assessing the risks of your project with Sinnaps today! 😊


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