![]() ![]() To identify risks, the project manager and team carefully review project objectives: scope, budget, timeline, goals, and resources. PMI’s A Guide to the Project Management Body of Knowledge ( PMBOK® Guide) – Sixth edition (page 423) lists a four-step process: Risk Identification, Risk Analysis, Assessing Risk Impact Level, and Risk Prioritization. Unless there is company-required software, any spreadsheet tool ( Microsoft Excel or Google Sheets, for example) can be used to create a risk matrix. For example, a scale range of 100 values will add complication without adding accuracy to your risk management work. However, be aware that a bigger scale does not equate to more accuracy. The more intervals used, the more specific the valuation of risk. A risk matrix is usually a 3 x3, 4×4, or 5×5 grid to easily fit on one page and convey the core information visually. For example, there cannot be three intervals for probability (X-axis) and five for impact (Y-axis). In the probability and impact matrix, both metrics must have the same number of intervals for calculations and valid assessment to be possible. insignificant, minor, moderate, major, significant.Impact axis label: impact, consequence, possible consequence, or severity.The Y-axis should be labeled to include the rating scale. ![]()
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