BUISENESS MANAGEMENT
RISK MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Risk recording
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Probability Impact Grid
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Probability assessment
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Impact / consequence table
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Detailed explanation-1: -Assess the probability of each risk occurring, and assign it a rating. For example, you could use a scale of 1 to 10. Assign a score of 1 when a risk is extremely unlikely to occur, and use a score of 10 when the risk is extremely likely to occur. Estimate the impact on the project if the risk occurs.
Detailed explanation-2: -What is a Probability and Impact Matrix? Well, it’s part of your qualitative risk analysis. It’s a grid for mapping the probability of each risk occurrence, and its impact on your project objectives if that risk occurs.
Detailed explanation-3: -Probability x Impact = Risk Level The first step is to assign a numeric value from 1 to 5, 1 being the lowest, for each of the categories under Probability and Impact. Then, use the formula of multiplying the value of the Probability to the value of Impact to determine the Risk Level.