Score risks by likelihood and impact, see them land on a 5x5 heat map, and get the register and the picture together.
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| Risk | Likelihood | Impact | Owner | |
|---|---|---|---|---|
Score is likelihood times impact. Anything at 15 or above needs a named mitigation, not a note saying monitor.
Use 1 to 5 for both and write down what each number means before you start scoring, otherwise everyone silently uses a different scale. Impact 5 should be something that threatens the project, not something merely annoying.
Anything in the red band needs an owner and a specific action: avoid, reduce, transfer or accept. Accept is a legitimate answer, but it has to be a decision someone made rather than a risk nobody got to.
Because likelihood times impact hides catastrophes. A 1x5 scores 5 and looks calm, but it is the one that ends the project. Read the top-left of the matrix as well as the top-right.
This is a snapshot. In Wisegrid the same thing stays current as the work changes, and the rollups read off it automatically. Start your 7-day free trial, no credit card required.