RISK PROBABILITY AND IMPACT MATRIX HOW TO
RISK PROBABILITY AND IMPACT MATRIX DOWNLOAD

RISK PROBABILITY AND IMPACT MATRIX HOW TO

Here’s how to figure out the Risk Impact using the Risk Assessment Matrix on the first tab in the Excel template.Ģ. Once you’ve assessed all the potential project risks, prioritize the list from highest to lowest risk impact, and formulate a plan for mitigating the biggest risks first. Using the Risk Assessment Matrix tab as your guide, determine the overall Risk Impact based on the Severity and Likelihood you’ve assigned that risk.Ħ. Select a Likelihood option from the drop-down menu.ĥ. Choose a Severity option from the drop-down menu.Ĥ. In the Risk column, list all the potential risks that could affect your project.

First, click on the Risk Assessment List tab at the bottom of your risk matrix template.Ģ. TeamGantt’s risk assessment matrix template gives you a quick and simple way to visualize and measure risk so you can take proactive steps to minimize its impact on your project.ġ. Using the Risk Assessment Matrix Template That’s one more tool for your project management belt with no extra work to juggle!

RISK PROBABILITY AND IMPACT MATRIX DOWNLOAD

Lucky for you, we made this free risk assessment matrix template so you can simply download it and go. While a risk matrix isn’t terribly complicated, finding time to build one between all your to-dos is easier said than done.

How to Use a Risk Assessment Matrix in ExcelĮvery project manager should keep a risk assessment matrix handy. They deserve swift action to keep risk at bay.

High: You can expect these events to throw your project seriously off course without mitigation.

They don’t get top billing, but a little mitigation will go a long way in helping your project run smoothly.

Medium: Think of medium-risk events as speed bumps that slow your project down.

They’re just fine hanging out at the bottom of your to-do list while you tackle bigger issues.

Low: Low-risk events aren’t likely to happen and don’t pose a serious threat to your project.

This is the bottom-line measure used to prioritize issues and identify red flags. The risk impact is the overall level of risk based on how likely it is to happen and how bad the consequences would be.

Probable: You can pretty much bet this risk will rear its ugly head.

Possible: There’s a decent chance this risk will occur, but you’ve still got a ray of hope.

Not likely: You just might catch a glimpse of Bigfoot before this risk makes an appearance.

With TeamGantt’s free risk assessment matrix template, you have three options for assessing the probability of an event. And of course, you’re going to want to address impending risks first. Some risks are more likely to happen than others.

Generally unacceptable: Think of this risk as a sucker punch that sends your project spinning.

Tolerable: This risk will hurt, but there’s no doubt your project will recover.

Acceptable: You’ll hardly feel an impact if this risk occurs.We’ve broken risk severity down into three possible answers: Have you ever asked yourself, What’s the worst that could happen? This simple question helps you gauge the severity of a risk you’re about to take. Let’s take a look at the different scales and ratings that make up a risk assessment matrix. That makes it easy to prioritize issues and take action where it’s needed most to keep your project on course. A risk assessment matrix enables you to calculate project risk in a snap by identifying all the things that could go wrong and weighing its potential damage.

Risk probability and impact matrix