The document discusses how to create a risk probability and impact matrix for risk management. It explains that the matrix defines probability and impact scales, such as ordinal or cardinal, and combines them to rate risk levels. Probability is the likelihood of an event occurring, while impact is the potential effect on project objectives. The matrix is included in the risk management plan to assess individual risks.
The document discusses how to create a risk probability and impact matrix for risk management. It explains that the matrix defines probability and impact scales, such as ordinal or cardinal, and combines them to rate risk levels. Probability is the likelihood of an event occurring, while impact is the potential effect on project objectives. The matrix is included in the risk management plan to assess individual risks.
The document discusses how to create a risk probability and impact matrix for risk management. It explains that the matrix defines probability and impact scales, such as ordinal or cardinal, and combines them to rate risk levels. Probability is the likelihood of an event occurring, while impact is the potential effect on project objectives. The matrix is included in the risk management plan to assess individual risks.
‣ DISTINGUISH BETWEEN THE THREE RISK RATINGS IN AN ORDINAL SCALE
THE RISK PROBABILITY
AND IMPACT MATRIX ‣ HOW PROBABILITY AND IMPACT WILL BE DEFINED ‣ DEVELOP DEFINITIONS ‣ CREATE A PROBABILITY AND IMPACT MATRIX ‣ DIFFERENCE BETWEEN RISK PROBABILITY AND RISK IMPACT
THE RISK PROBABILITY
AND IMPACT MATRIX ‣ RISK PROBABILITY IS THE LIKELIHOOD THAT AN EVENT WILL OCCUR ‣ SOMETIMES EXPRESSED AS A NUMBER FROM 0 TO 1
THE RISK PROBABILITY
AND IMPACT MATRIX ‣ RISK IMPACT IS THE AMOUNT OF DANGER, OR OPPORTUNITY ‣ THE EFFECT THE RISK EVENT WILL HAVE ON THE PROJECTS OBJECTIVE
THE RISK PROBABILITY
AND IMPACT MATRIX ‣ A CARDINAL SCALE, OR AN ORDINAL SCALE ‣ A CARDINAL SCALE MEASURES PROBABILITY AND IMPACT FROM 0 TO 1 ‣ AN ORDINAL SCALE RANGES FROM LOW TO HIGH
THE RISK PROBABILITY
AND IMPACT MATRIX ‣ CARDINAL AND ORDINAL EQUIVALENCE ‣ COMBINED TO EXPRESS RISK PROBABILITY
THE RISK PROBABILITY
AND IMPACT MATRIX ‣ RATE THE IMPACT OF ANY GIVEN RISK ‣ UNDERSTAND WHAT CRITERIA WILL BE USED ‣ PROJECT MANAGER AND TEAM WILL DETERMINE TOGETHER
THE RISK PROBABILITY
AND IMPACT MATRIX ‣ DEFINITIONS OF IMPACTS FOR YOUR PROJECT ‣ LOOK UP A COMBINED RISK RATING FOR ANY GIVEN RISK
THE RISK PROBABILITY
AND IMPACT MATRIX ‣ EACH PROBABILITY AND IMPACT COMBINATION HAS A RISK RATING ‣ PROBABILITY AND IMPACT MATRIX AND YOUR IMPACT DEFINITION TABLE ‣ INCLUDED IN THE RISK MANAGEMENT PLAN
THE RISK PROBABILITY
AND IMPACT MATRIX RISK MANAGEMENT CERTIFICATION PROGRAM