![]() ![]() If the risk would to occur would it be catastrophic to the project or a minor inconvenience? An impact assessment is generally conducted in meetings or in interviews with individuals who have the appropriate knowledge to evaluate the impact of a risk. Impact Assessment is the evaluation of the impact of a risk if it were to occur. When determining the probability of a risk occurring it is often given a score such as high = 3, medium = 2, or low = 1. This likelihood can be based on historical project information, does the risk typically occur? Or the likelihood of risks can come from interviews or meetings with individuals who would have knowledge of the probability of risks occurring. Risk Probability is the determination of the likelihood of a risk occurring. You may even come across PMP Exam sample questions that focus on these terms: If you are preparing for the Project Management Professional (PMP)® Exam then you need to know about risk, probability and impact. We have only scratched the surface of what it can do.What are Risk Probabilty, Impact Assessment, Prob & Impact Matrix? Once you are happy with your Risk Assessment Matrix you can File>Print… or File>Export it. Note that you can File>Save As… from Microsoft Excel to create a CSV file. Just select File>Open and set the file type to CSV Files. If you have your risk information in a CSV file, you can import it so that you don’t have to re-type everything. For example you could have a 5x5 Risk Assessment Matrix by changing the Impact rows from Low/Medium/High to Negligible/Minor/Major/Hazardous/Catastrophic and the Probability rows from Low/Medium/High to Impossible/Unlikely/Possible/Likely/Highly likely. Obviously this is a very simple Risk Assessment matrix, but there is no limit to how many cards you can add or how many rows and columns you can have. For example, you can add an Assigned property that you can use to track who is responsible for monitoring or mitigating each risk. When you hover over the card the properties values and the notes are shown (as long as View>Card Tool Tips is checked). Double-click on one of the cards and write how we can mitigate the risk in the Notes field. Click on the High row, drag it to the top and release.įinally we might want to look at how we can mitigate each risk. We can easily change the row order by dragging rows. Some Risk Assessment Matrices are shown with Impact= High and Probability= High in the top right corner. The cells should now be colored according to Impact and Probability. Then set Set row/column color to By column and row. Make sure the values are ordered how you want them, using the up and down arrows. Click on the Impact properties button and change the colors associated with High, Medium and Low to red, orange and green, as shown below. Double-click on a card to edit the title. The rows and columns are resized automatically. You can easily drag a card to a different row or column if you change your mind. ![]() Note that you can add a card to a cell by clicking on the + overlay that appears when you hover over the cell (as long as View>icon overlay is selected. Click on the Add Card toolbar button, fill out the card as below and click OK.Ī single card should now be visible in the Cards pane. Lets create an existential risk assessment for humanity as a cheery example. Set Impact to displayed as Card columns and Probability to be displayed as Card rows. Click the Add Property button and add two new properties Impact and Probability with Type set to Text and Pre-defined values of Low,Medium,High. In the New Plan Properties window leave the Title property checked. Choose a name for the new plan file, e.g. When you are prompted which edition of Hyper Plan to try, choose either Home or Professional Edition. It should only take you a minute to download and install. If you haven’t already got Hyper Plan software installed, you can download a free trial here. It automatically resizes your matrix as you add risks. Hyper Plan is inexpensive and much more powerful than a Risk Assessment Matrix template or generic drawing software. You can easily create a Risk Assessment Matrix on your Windows or Mac computer using Hyper Plan software. It works by categorizing risks by how likely they are to occur and the amount of damage that would occur if they did. A Risk Assessment Matrix (also known as a Risk Probability Impact Matrix or Risk PI Matrix) is a useful way to visualize and manage risk. ![]()
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