Making decisions for your project or business can be tough. It's important to weigh the risk of any potential decision against its potential value. That's where ClickUp's Value Risk Matrix Template comes in!
The Value Risk Matrix Template helps you prioritize and visualize decisions, so that your team:
- Evaluates the value and risk of tasks quickly and accurately
- Gets clarity on which ideas have the highest priority to move forward
- Aligns teams around what’s most important for collective success
Whether running a marketing campaign or launching a new product, this template will help you make sound decisions that maximize value while minimizing risk—all in one place!
Benefits of a Value Risk Matrix Template
A value risk matrix template can be a great tool for helping you assess the risks associated with different initiatives. Here are some of the benefits of using a value risk matrix:
- Assists with decision-making by helping to identify which projects are worth pursuing and which should be avoided
- Provides a clear way to compare and contrast different projects and their associated risks
- Helps you prioritize projects and allocate resources more effectively
- Enables you to make more informed decisions about which projects are worth taking on and which should be avoided
Main Elements of a Value Risk Matrix Template
ClickUp's Value Risk Matrix Template is designed to help you quickly assess the risk and value of tasks and projects. This List template includes:
- Custom Statuses: Create tasks with custom statuses such as Open and Complete to keep track of the progress of each task or project
- Custom Fields: Categorize and add attributes to manage your tasks and easily visualize the value and risk levels, such as Priority Level, Value Level, Plan Strategy, Category, and Risk Level
- Custom Views: Open 5 different views in different ClickUp configurations, such as the List, High Value List, Low Value List, Board, and Getting Started Guide so that you can quickly assess the risk and value of tasks
- Project Management: Improve risk assessment with tagging, nested subtasks, multiple assignees, and priority labels
How to Use a Value Risk Matrix Template
Using a value-risk matrix can help you identify and prioritize tasks. Here are four steps to help you create your own value-risk matrix:
1. Brainstorm tasks
Start by listing out all the tasks that need to be completed. Think about the timeline, resources, and potential risks associated with each task.
Use a Whiteboard in ClickUp to brainstorm tasks and collect ideas.
2. Assign values and risks
For each task, assign a value and risk rating. The value rating should range from 1-10, with 10 being the highest value. The risk rating should also range from 1-10, with 10 being the highest risk..
Create custom fields in ClickUp to assign values and risks for each task.
3. Plot tasks on the matrix
Once all of the tasks have been assigned values and risks, plot them on the value-risk matrix. This will help you identify which tasks should be prioritized and completed first.
Use the Board view in ClickUp to visualize your tasks on the matrix.
4. Set tasks in priority order
Finally, set each task in priority order based on its position on the matrix. Tasks that are in the top-right quadrant should be completed first, as they have the highest value and the lowest risk.
Set tasks in ClickUp to prioritize and keep track of your tasks.
Get Started with ClickUp's Value Risk Matrix Template
Risk assessors can use this Value Risk Matrix Template to help everyone stay on the same page when it comes to assessing risks and identifying potential value.
First, hit “Add Template” to sign up for ClickUp and add the template to your Workspace. Make sure you designate which Space or location in your Workspace you’d like this template applied.
Next, invite relevant members or guests to your Workspace to start collaborating.
Now you can take advantage of the full potential of this template to manage risks:
- Use the List View to get an overview of all risks and their statuses
- The High Value List View will help you prioritize risks that have the highest potential impact
- The Low Value List View will help you prioritize risks that have the lowest potential impact
- The Board View will give you an organized way to keep track of risks and their statuses
- The Getting Started Guide will provide helpful instructions on how to get started
- Organize risks into two different statuses: Open, Complete, to keep track of progress
- Update statuses as you progress through risks to keep stakeholders informed of progress
- Monitor and analyze risks to ensure maximum productivity