Project Risk Management
Probability and Impact Matrix
Probability and Impact Matrix is a tool for the project team to aid in prioritizing risks. Probability and Impact Matrix uses the combination of probability and impact scores of individual risks and ranks/ prioritizes them for easy handling of the risks. In other words, the probability and impact matrix helps to determine which risks need detailed risk response plans. It is vital to understand the priority for each risk as it allows the project team to appreciate the relative importance of each risk.
Risk Probability and Impact Assessment
Risk Probability & Impact Assessment provides us with the initial risk rating for each of the risks that we have identified so far. Risk probability assessment investigates the chance that each specific risk will occur. Risk impact assessment investigates the potential effect on a project objective such as schedule, cost, quality, or performance, including both negative effects for threats and positive effects for opportunities. Probability and impact are assessed for each identified risk. Risks can be assessed in interviews or meetings with participants selected for their familiarity with the risk categories on the agenda. Project team members and knowledgeable persons external to the project are included. The level of probability for each risk and its impact on each objective is evaluated during the interview or meeting. Explanatory detail, including assumptions justifying the levels assigned, are also recorded. Risk probabilities and impacts are rated according to the definitions given in the risk management plan. Risks with low ratings of probability and impact will be included within the risk register as part of the watch list for future monitoring.
Risk Data Quality Assessment
Risk Data quality assessment evaluates the risk data to objectively determine whether it is accurate and of acceptable quality.
The risk breakdown structure (RBS) is the normal way to help structure and organize all identified risks into appropriate categories, and these will assist in determining which aspects of the project have the highest degree of uncertainty.
Risk Urgency Assessment
Risk urgency assessment is review and determination of the timing of actions that may need to occur sooner than other risk items.
Project manager that responsible for monitoring and controlling the project work, then it's their judgment than is needed to weigh the evidence of project performance so that this can be evaluated and if necessary take appropriate corrective action.
Perform Qualitative Risk Analysis-Tools and Techniques