Risk Management is a vital aspect of effective project management. While planning for a project, you have to anticipate many risks in all possibilities, which can show up at any phase of the project. You should be able to properly identify, assess, define and manage these risks to grab success. Plan First is built to manage any of such project risks and aid in effective realization of the opportunities in hand.
Once you identify any risk with any level of impact on your project, simply enter it in your project plan. Use the 'status' option to represent the status of the risk; whether it is open, closed or unknown. The impact and likelihood of the risk can be set as low, medium or high. The probability of the risk may vary from 0 to 100. You can custom set all these parameters and also add the name of an assigned person whom you trust on handling this risk. At Plan First, you can also find an option to add a short description about the risk.
It also becomes important to estimate the 'Cost of Impact' of a risk when popped up. To estimate this, Plan First provides an option to enter the impact start date and impact due date along with the estimated cost of impact. You can also note down any remarks in the space provided.