About Risk Management for Jira
by 
jPlugs
What it does
Risk Management for Jira helps your track, monitor and communicate your project risks.
How it works
The Add On risk definition:
A Risk is the combination of the probability of a potential event and the consequence of the event.
The Add On identifies a Jira Issue as a risk by calculating the Risk Number (Risk Index) as the product of the probability (likelihood) of a potential event and the consequence (impact) of that event.
In a strictly formula the approach will be expressed as:
Risk Index = Risk Consequence x Risk Probability
Risk Index will express a number that combines the probability (or chance if it is a positive event) of a potential event will actually happen and what damage (or benefits) the event will cause.
Read more at Wikipedia
How it connects to Jira
Only the value of the Risk Index is automatically calculated by the Add On. It is up to the Jira user to maintain the values of Risk Consequence and Risk Probability.
These values are stored in custom fields.
Setting the value of the Risk Consequence and Risk Probability is how the Jira user marks an Issue as a risk. Per default the Add On uses values from 1 - 5 to score the probability and consequence. You can change this at Risk Matrix
The Risk terms and Jira metaphors are explained below.
| Risk Term | Jira term |
|---|---|
| Event | Issue A Jira issue is used to descibe the event. |
| Risk Index | RiskManagementCalculatedNumberField An Add On specific custom field. |
| Risk Probability | A Custom Field of type Select List This is a Jira standard Custom Field. |
| Risk Consequence | A Custom Field of type Select List This is a Jira standard Custom Field. |
The three custom fields must be added manually by you.
You can read more at the configuration pages once the add-on is installed in your JIRA instance.
How Risk Issues are presented
A custom field will display the Risk Index for a single Issue. It can be displayed on Issue Screens and in the Issue Navigator
Risk Issues are presendt in gadgets, project tabs and as reports
A classic risk presentation looks something like:
You can easily change the colors from the add-on configuration pages and with a little developer skills also the layout.
The Add On uses Velocity Apache templates to render the content. New templates cen be added and existing modified.
Terms and Definitions
There are different approaches to Risk Management, hence different terms and definitions are in use.
You can name the fields according to your methods, and labels can be modified as well.
| Add On term | Other terms |
|---|---|
| Risk Consequence | Risk Impact Magnitude or severity are really not the same as Impact but is also used |
| Risk Probabality | Risk Likelihood, Chance, Possibility, Uncertainty |
| Risk Number or Risk Index | Risk, Risk Score, Risk Index, Composite Risk Index, Absolute risk |