Risk matrix terminology , Project Management

Assignment Help:

Risk Matrix Terminology 

It is a term where table used in risk analysis in which rows show the risks and columns show their likelihood (probability) of occurrence and their impact. We learnt in the previous section the process involved in risk. We should analyse the risk in three different terminologies. 

?  Pessimistic: The risk and impact are high and you think you will not be able to meet the expected duration. 

?  Expected:  It is the time structure you originally estimated without worrying about risk. 

?  Optimistic: The risk and impact are low and you think you may be able to overcome the „expected?. 

In the risk matrix, high, medium and low denotes risk rankings. In general high is over 50 percent probability and priority, medium is less than 50percent probability and moderate severity and low is less than 10 percent probability and low impact. 

Table : Compare the terms from your Risk Matrix and PERT analysis

56_Risk matrix and Pert Analysis.png

 The risk matrix approaches described in PMBOK and similar sources of risk management information multiply the probability of occurrence of the risk with the impact from the risk to produce a risk index. 


Related Discussions:- Risk matrix terminology

Operations and project management, Operations and project management: ...

Operations and project management: Operations and project management are very important functions in any organisation. Operations management is is concerned with the productio

#title.Discountingw., what is the principle of discounting and what issues ...

what is the principle of discounting and what issues are critical in this process

Benefits and caveats, (a) What are the benefits and caveats of adopting a ...

(a) What are the benefits and caveats of adopting a standard methodology (such as PRINCE2) for the management of an organization's projects? (b) How might the size of an organi

Project Environment And Planning Assignment, Ask question #MinimuI am a Mas...

Ask question #MinimuI am a Master degree student in the UK. I am Taking a Master degree course in “Project Management”. I would like to make an order for one of the courses. The co

Developing a project management structure, Problem 1: Describe the seve...

Problem 1: Describe the seven Baldrige criteria 1. Leadership 2. Strategic planning 3. Customer and market focus 4. Measurement, analysis and knowledge management 5. Human r

What is delegation of authority, What is delegation of authority? Del...

What is delegation of authority? Delegation: There is a restriction to what an individual can do single-handed. After a point, another person working within the organisat

The three flows in Supply Chain Management, Hi can you please provide info ...

Hi can you please provide info on referencing material and more detailed info on the three flows in supply chain management?

How are carrying costs varied with quantity order, How are carrying costs v...

How are carrying costs varied with quantity order? Carrying Costs, that vary along with quantity ordered, contained as a. There Interest on capital investment b. There Co

Evaluating initial architecture, o Are the goals and philosophy of the arch...

o Are the goals and philosophy of the architecture explained? o Are assumptions and dependencies influencing the architecture identified? o Are architecturally significant re

Principles of success for the project manager, Principles of Success for th...

Principles of Success for the Project Manager Project  managers  always  hire  the  best  people  available  and  then  do whatever it takes to keep the project up and running.

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd