What are all Various Risk Status in Project

Question

Please help me to identify/understand the different Risks Status.

For Example :
I know Risks Status as OPEN, RESOLVED, CLOSED.

I find in a project they have MITIGATED, CONTROLLED and all is it good to have such status.

How Risk Status can be managed? Pls, provide me with your inputs on Various Status management of Risk.

Thank you.

Answer 1

To be honest, Ganesh, I probably would not think of risk as being open or resolved. These make sense for issues or action items.

Let's work through the life cycle of a risk
1. The risk is identified
2. The risk is assessed. You may want to have different statuses for qualitative and quantitative assessments.
3. The risk is controlled. You may want to identify all the control actions taken: avoidance, mitigation, transfer, acceptance
4. The risk is triggered. From that point, you are in contingency mode. Once resolved, the risk goes back to control.
6. The risk is closed. Some risks are never closed, for example, hazards.
 

Hope this helps!

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