Tools and Methodologies

Risk management tools and scales

Some portfolio management tools will provide the functionality for a company risk register. In the absence of these, using whatever centralized documentation tools you have available to capture risks for future reference is useful.

Any project management software has some ability to manage risks at the project level, usually in the form of a risk scorecard and table entry. The scorecard helps you identify the risk score, or severity of a risk, on a fixed scale. The higher the risk, the closer it must be tracked because it will likely cause some level of issue. This is part of the typical PMP Risk Log system, which is most common for general use.

There are many different scales in use for risk scores. Here is one way to calculate risk scores: