PM Tip 4

Project Management Tip #4

Plan a Risk-Management Strategy. A few potential risk sources include operational, financial, natural, and reputational. You can use the risk-assessment matrix to quantify risks.

IMPACT  X  PROBABILITY = ACTUAL RISK

Look at the chart below.  On a scale of 1-5 with 1 = Low Risk & 5 = High Risk, anything over a 12 is considered a high risk.  High risk items should be considered and dealt with quickly or it could negatively impact your project and risk project failure. 

 

 

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Next in the series is Risk-Management Strategies.
Be sure to check back next week!