The cost impact for the risk is L ($200,000.00 - $400,000.00), which is equivalent to a Severity 2. The schedule impact for the risk is H (60d - 150d), which is equivalent to a Severity 4. The cell in the risk matrix where a Severity 4 impact and a High probability intersect gives a risk score of 28. H is equivalent to Severity 4 in the risk matrix. The highest impact for the risk is the schedule impact, which is marked as H (60d - 150d). The probability of risk R4: Contract delay occurring is H (60.00% - 80.00%). The possible impact threshold levels in the project are given the following risk matrix values: (Negligible= Severity 0 VL= Severity 1 L=Severity 2 M=Severity 3 H=Severity 4 VH=Severity 5). When determining the impact value, each impact threshold level is given a numeric value. Using the project and the sample risk matrix as a reference, review the following table to understand how the score was calculated for risk R4: Contract delay and how the score changes depending on the risk scoring method assigned to the risk matrix. The assigned matrix uses the Highest Impact scoring method to calculate risk scores. For each risk, a risk score is calculated based upon the probability and impact values and the assigned risk matrix.
The JFK Airport Terminal 1 - Retail Space project is a retail space construction project for which several risks have been identified and added to the project risk register, shown below.
In this example, we will examine how a project risk score is calculated. The following examples demonstrate the calculation of project risk scores and program risk scores using the two scoring methods. For more information on risk matrix creation, see Risk Matrixes Overview. This is described in Example 2.įor more information on risk threshold creation, see Risk Thresholds Overview. You can use a program risk matrix to compare risk scores across projects with different risk matrixes.
Risk scores enable you to rank risks based on severity, and the values themselves do not indicate a standard period of time or cost. A Medium impact in a matrix for a large project may represent a range of 100 to 200 days. For example, a Medium impact in a risk matrix for a smaller project may represent a range of 10 to 20 days. It is important to note that different risk matrixes can be the same size and have the same risk scores, but consist of separate risk thresholds with different sets of values. Average Impact: The overall impact is determined by calculating the average of all impact values.Highest Impact: The overall impact for a risk is set to the highest of all the impacts assigned to the risk.In the matrix settings, you can choose from one of the following two methods: The overall impact value is calculated based upon the scoring method assigned to the risk matrix. Each risk score marks an intersection in the risk matrix between a probability value and the overall impact value. Probability threshold values are listed as rows. Each risk matrix contains a probability threshold, cost impact threshold, schedule impact threshold, and an optional user impact threshold. Probability and impact thresholds combine to form a risk matrix, which indicates the possible scores a risk can have. A risk's score is derived from the probability and impact values assigned to the risk.
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