Title

Required. The title provides a concise overview of the risk that may occur. The title should be descriptive enough to allow the team to understand what the potential risk is.

Affected Area

Used to group the risk into an appropriate feature or team area. The area must be a valid node in the project hierarchy.

ID

The unique identifier used to identify the task. Team Foundation Server automatically creates the ID when the work item is created.

Assigned To

The current person that the risk is assigned to. Generally, it is a project manager or an architect but may be any of the project team members.

Severity

The severity is a subjective ranking of the magnitude of adverse effects, such as cost and loss, should the risk be realized within the project. Valid values are Critical, High, Medium, or Low.

Percentage

The likelihood that the risk will occur. Percentage is a number between 1 and 99.

Reason

The reason a risk is in the current state. For example, a risk can be in the Closed state because it was Avoided.

State

Required. A risk is in the Proposed, Active, Resolved, or Closed states.

Mitigation Plan

The actions to take to reduce the likelihood of the risk, or impact of the risk. The mitigation plan is assigned and tracked through tasks.

Mitigation Triggers

The conditions or events that determine that a risk should be mitigated. For example, if the weather forecast is predicting an ice storm or hurricane to hit within 50 miles of the office, within the next 4 days, it may be appropriate to authorize and obtain a reserve generator.

Contingency Plan

The actions to take in the event the risk occurs. The contingency plan is assigned and tracked through an issue work item and tasks.

File Attachments

Links to files or other work items related to the risk. In the case of a risk, tasks for mitigating the risk should be linked to the risk work item.

Mitigation Estimate

An estimate of how much work is involved to implement the mitigation plan.

Created By

Identifies who created the risk.

Created Date

Identifies when the risk was created.

Changed By

Identifies the person who last made a change to the risk.

Changed Date

Identifies the date the risk was last changed.

Closed By

Identifies the person who closed the risk.

Closed Date

Identifies the date the risk was closed.

Approved By

Identifies who approved the risk for mitigation.

Approved Date

Identifies when the risk was approved for mitigation.