Examining Risk Categorization for Projects
Risk categorization for projects is a risk ranking technique that categorizes risks to identify the areas of project most exposed to the effect of uncertainty . Risk categorization is calculated by summing up the risk factor scores of the project ‘s individual risks and then prioritizing them by the number of risks.
A typical example…
The Project Manager of a geothermal energy project Funso Williams is analyzing all the identified risks associated with the project. He was analyzing the results of the SWOT analysis the scenario analysis of the project. She discovers that the number of risks are high and the risks may be categorized and prioritized to develop effective response strategies.
She analysed the impact of each risk using a probability and impact matrix . Williams then decided to categorize the risks by the priority rank assigned to them.
Now your take on this argument.
We would also like to hear what you feel about the topic we discussed today. Your feedback is very important to us. Feel free to drop your comments and recommendations. If you have a contrary opinion, you can drop that too.
You can also join our Facebook Page CRMNigeria for more updates. You can do that by clicking on the link or searching for our page on Facebook.
Click here to Download 5 E-Books that I have taken time to prepare for you.
These E-Books contain formulas that have helped many of my students to nail the PMP Exam at first attempt! You can also make use of this E-Books. If you have any question while using the material, feel free to shoot me a mail. I am committed to assisting you to nail your PMP exam. It’s a pledge. You can always count on me as a friend.
PS: For like seven years since I started blogging I have tried many platforms and tools. Some worked and some of them performed below expectation. Here are some of the tools that I will gladly recommend for you any day, any time.
PS: Click on the link below to sign up for my Online E-Course CRM Training. Make sure you confirm your subscription by clicking on the link sent to you. Thanks.
Adeniyi Salau PMP , CCNA R&S , CDMP, CEP, MOS, MCP, CSCU (Project 2016), Microsoft Certified Security and Networking Associate is a Google and Beingcert Certified Digital Marketer, Project Manager and SEO Expert of repute with about a decade of Blogging and online marketing experience. He is always ready to share his experience with others.