[Best Practices] How Do You Track Risks? ⚡️
Hi there! 🙌
If you manage work, you probably have to deal with project risks. A risk is something that could happen during the execution of a project and would have a negative impact on the outcome. This could be anything from not being able to achieve the outcome, to a cost being higher than expected.
We wanted to take a closer look at how Wrike can help you track and manage project risk.
Let’s dive into each of these features in more detail 👇
1. Project Progress
Wrike automatically calculates your project progress based on selected metrics and updates it in real-time. The available metrics are:
- Progress by number of completed tasks - calculated by dividing the number of completed tasks by the total number of tasks - the result is multiplied by 100%.
- Progress based on the duration of completed tasks - calculated by dividing the duration of completed tasks by the total duration of tasks in the project - the result is multiplied by 100%.
- Total progress - all active (enabled) metrics are added up, and the result is divided by the number of active metrics.
You can track project progress in the project info panel, the Table view, the project dashboard widget, and project-based reports and on the timeline portion of the Gantt chart.
2. AI Project Risk Prediction
AI Project Risk Prediction monitors your projects for any risks that may cause you to miss your deadlines, then assigns a risk level (low, medium, or high).
AI estimations will replace the previous version of Project Health calculations (color-coding) that we’ve discussed above. You can find these estimations in the Project Progress window in the project info panel, Table view, the project dashboard widget, and project-based reports.
Project risk assessment takes into account a number of factors including:
- Project complexity (the number of tasks, subtasks, subfolders, and subprojects, and how they are structured)
- The number of completed and overdue tasks
- The number of assignees
- Task activity
- The owner’s previous projects (if they were not completed on time this may increase the predicted risk)
Understand your Project Risk
You'll only get project risk estimates for:
- Projects you own or projects of account owners, who also enabled this feature.
- Active projects which include criteria that allow for risk calculation such as duration, start date, end date, etc. (subprojects and tasks do not need to have start and end dates).
- Projects with Project Progress activated.
The more accurate and up-to-date the details of your projects are (start and end dates, status, project's tasks info, etc), the more accurate the risk predictions will be. The project risk is calculated each time you make changes to your projects or tasks included in your projects and is visible after a couple of seconds.
Projects which don't meet these criteria are labeled "Not assessed" and are marked in grey.
Your Project Risk Prediction consists of a level (low, medium, or high) and a corresponding colour which can be seen in your Project Health window:
- Low risk - Green
- Medium risk - Amber
- High risk - Red
Please note that AI Project risk prediction is currently available in Wrike Labs and it’s considered an experimental feature.
3. Project Risk Report
Project Risk Report is a feature based on the company’s proprietary machine learning technology. Once you enable Project Risk Report, Wrike AI will analyze all active projects that you are the owner of and predict how likely each project is to be completed on time. Project risk assessment takes into account numerous factors including project complexity, the number of completed and overdue tasks, the number of assignees, task activity, the history of the owner’s previous projects, and many others.
You’ll receive a weekly Project Risk Report email with the risk assessments based on the results of Wrike’s automated prediction. If a project is at risk of not meeting the deadline, it’ll be highlighted in the email. For projects with high and medium risk levels, the machine learning model also provides the list of factors that contribute to potential issues so you can proactively address them. For projects with high-risk levels, each factor will also contain a list of contributing tasks.
4. AI Recommended Tasks - Available on the New Wrike Experience
AI Recommended tasks help you make sure you’re working on the tasks that require the most attention first. It adds a widget to the top of your Home page displaying up to 8 active recommended tasks which are assigned to you.
Our Machine learning model looks at tasks assigned to you and assesses their urgency based on factors such as:
- Due date
- Task status
- How often you've edited or commented on them
There are other ways to track and report on project risk, for example, using tagging or custom fields to designate high, medium, or low risk projects. How are you tracking project risk? Let’s discuss below! 👇
Lisa Wrike Team member Become a Wrike expert with Wrike Discover
We use all of the above!
In addition - for Project's we use a different Workflow to track Green, Yellow, Red, etc. Which gives us a high level visibility into projects that might be red (at risk) for budget or time impacted risks. At the project detail page - we use that to document and flag activities that are creating the risk, as well as proposed solutions for obstacles.
We track risks as tasks in projects with their own workflow. This allows us to track, add comments and assign owners to help mitigate issues.
Thanks for this I was completely unaware of the "AI Recommended Tasks" feature seems like a fab idea.
Sadly my team doesn't utilise projects as much as we should anymore (too many tasks being completed but not signed off in Wrike led to confusion) but I'll try steering us back in that direction again (whilst removing other systems we really shouldn't be using simultaneously to Wrike) to make use of some of these new features!
I tried using this feature in it's infancy - but did not get any valuable data - I will have to have another look at it.
We use all of these features and it’s helped our management team embrace Wrike and better understand its value. As a PM, I’m able to easily assess which projects are slipping and apply the risk factors as metrics in dashboards to address in our weekly project meetings.
Huge thanks for reaching out here, everyone! 🤗
It's really interesting to see the "risk" features in action.
Lisa Community Team at Wrike Wrike Product Manager Become a Wrike expert with Wrike Discover
Lisa Wrike Team member Become a Wrike expert with Wrike Discover
Well, I think these risk prediction tools are very helpful, but they won't work if tasks are not assigned corectly to projects. I often find "lost" or double tasks somewhere in our account. I'd love to have also a tool to manage these ones.
The basic problem are tasks without an asignee, or without a due date, and then, of course, tasks with no associated project.
Florian Kislich I use a dashboard for this. In this I have a bucket for unassigned tasks, overdue tasks, tasks without a project and also the conflict monitor from Wrike. All things which I do not want to have in the project management. You could also add the tasks without a due date in this. This is some kind of admin dashboard for me for space cleaning. I have a look to it typical 1 to 3 times a week and aks people then what tasks that are.
Hi Sven Passinger,
well, I also set up a dashboard like this, glad to have that feature!
We use the AI Project Risk feature, and manually track risks with a risk register we made in a folder.