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1. #CONSEQUENCE PROBABILITY MATRIX SOFTWARE#
2. #CONSEQUENCE PROBABILITY MATRIX OFFLINE#
3. #CONSEQUENCE PROBABILITY MATRIX PROFESSIONAL#

Project managers should think about potential risks in order to avoid risk events from happening. Action will be needed in order to keep a project on course, and safe as well. This makes it easy to prioritize problems. It does this by identifying the things that could go wrong and weighting the potential damage. This is an effective tool that can help in risk evaluation by focusing on the probability of potential risks.Ī risk assessment matrix can help you calculate project risk quickly. What is a risk assessment matrix?Ī risk matrix is sometimes also called the Probability Matrix, or Impact Matrix. They do this by estimating the probability of occurrence. By doing so, any organization can detect and prioritize different risks. In the modern digital world, a lot of online tools exist that help and automate building the forecasts and planning your new business but in many cases, it’s still good to do this manually.Ī risk assessment matrix is a tool that was developed to analyze risk.

Even when you are doing a new task, one of the questions that you should ask is, “What could go wrong?”. If you are launching your business, you should consider doing a risk assessment matrix. However, in today’s world market, trends change rapidly, so the risk cannot be avoided. Living in a world where this does not happen would be like a dream. Should you have any questions about this top tier Project Risk Management framework template, you're welcome to reach out to me via Private Message.Rarely do projects get launched without running into some kind of problem. 1 anonymous example for a projet for a SaaS company

#CONSEQUENCE PROBABILITY MATRIX OFFLINE#

with an online & offline 14 step-by-step methodology, with pedagogical illustrations for each step. 2 editable Microsoft PowerPoint Template Slides (1 Matrix Slide + 1 Table with details for each risk)

#CONSEQUENCE PROBABILITY MATRIX PROFESSIONAL#

Hence, I decided in my free time to create a universal Risk (Likelihood-Consequence), or Risk (Probability-Severity) PowerPoint template for any project manager, business analyst or M&A professional to use when conducting and wanting to present their risk assessment in a compact visual format. The corresponding slide was well appreciated given its ability to quickly outline the critical and major risks associated to the project.

#CONSEQUENCE PROBABILITY MATRIX SOFTWARE#

Given the pertinence and popularity of this risk assessment matrix framework, I decided to use it in a large Project Audit at a SaaS software company I worked for. MINOR (5): Very Low - Possible, Very Low - Unlikely, Low - Unlikely, Low - Rare, Average - Rare.ĬRITICAL and MAJOR risks absolutely need to have associated protective measures ( Insurance, recovery plans, security measures, fall-back strategies etc.), enabling to hedge (or in the best case scenarios offset), the negative consequences of the risks actually happening. MODERATE (5): Very Low - Almost Certain, Very Low - Likely, Low - Possible, Average - Unlikely, High - Rare. MAJOR (8): Very High - Unlikely, Very High - Rare, High - Possible, High - Unlikely, Average - Possible, Average - Likely, Low - Almost Certain, Low - Likely. CRITICAL (6): Very High - Almost Certain, Very High - Likely, Very High - Possible, High - Almost Certain, High - Likely, Average - Almost Certain. Here are the different levels of Risks available ( and associated combinations Severity-Probability): The combination of Severity x Probability = Level of Risk 📊 😱 ％ Probability (of occurence): the likelihood of the event (risk) actually happenning and possibly negatively impacting (to various degrees), your project -> Almost Certain, Likely, Possible, Unlikely, Rare. 💥 Severity (of consequences): the degree to which the occurence of the risk would negatively impact the project -> Very Low, Low, Average, High, Very High The gist of the framework is to correctly assess each identified risk (identifying risks could be a whole seperate exercise), on two dimensions: It's overall simplicity, compact approach and pertinence, has made it one of the most popular semi-quantitative risk assesment frameworks in many industries, leading to multiple spin-offs and more complex versions. The "Risk Matrix" (or "Risk diagram"), according to Garvey & Lansdowne (1998), was created in the Electronic System Centre of the US Air Force. When evaluating a project's feasability or assessing the risks in the acquisition of a firm in M&A, conducting a risk assessment is highly recommended to limit the potential negative impacts of pre-identified risks.

Risk matrix likelihood severity risk assessment risk-management project risk analysis due diligence risk diagram