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Project Management> Project Risk Assessment

 

The assessment of project risks and the impact they will have on a Project relies heavily on the judgment of the Project Manager rather than on simple facts and figures. 

 

If an activity is within your control it is not a risk and should be managed within your work plan. 

 

Where you have no control over an activity and you think that there is likelihood of an event happening that will impact on the project, this is a risk.

 

The risk needs to be assessed to determine the ďimpactĒ it will have on the project and also to assess the likelihood of it occurring is e.g. the ďprobabilityĒ.

 

Below are 2 tables that you may help you rate both the impact and the probability of a risk.

 

 

Impact

 

Definition                   Impact the event would have on the project

HIGH (H) Major impact on the achievement of one or more of the Projectís objectives
MEDIUM (M) Significant impact on the achievement of one or more of the Projectís
LOW (L) Not expected to have a significant impact on the overall achievement of the Projectís objectives

 

Probability

 

Definition:                  likelihood of the risk happening

HIGH (H) More likely to occur than not (>60%)
MEDIUM (M) Fairly likely to occur (20 - 60%)
LOW (L) Unlikely to occur but not impossible (<20%)

 

Details of the risk should be included in the Projectís documents.

 

The identified risk should also be recorded in the Projectís Risk Register and managed. Appropriate counter measures need to be planned resourced and implemented where appropriated to ensure the risks are monitored and controlled and details are usually captured on the Risk Register (also referred to as the Risk Management Plan). Click here to go to the Templates page to view a risk register template

 

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