| Risk Identification | Qualitative Rating | Risk Response | ||||||
|---|---|---|---|---|---|---|---|---|
| Risk | Risk Category | Probability | Impact | Risk Score | Risk Ranking | Risk Response | Trigger | Risk Owner |
Key Terms
Risk: The risk stated in a complete sentence which states the cause of the risk, the risk, and the effect that the risk causes to the project.
Risk Category: Categorization of risks by area of project affected, source of risk or other useful category.
Probability: The likelihood that a risk or opportunity will occur (on a scale from 0 to 10 with 10 being the highest).
Impact: The impact of the risk on the project if the risk occurs (scale from 0 to 10 with 10 being the highest).
Risk Score: Determined by multiplying probability and impact (scale from 0 to 100).
Risk Ranking: A priority list which is determined by the relative ranking of the risks (by their scores) within the project with the number one being the highest risk score.
Risk Response: The action which is to be taken if this risk occurs.
Trigger: Something which indicates that a risk is about to occur or has already occured.
Risk Owner: The person who the project manager assigns to watch for triggers, and manage the risk response if the risk occurs.