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 of the scenario analysis of the project. She discovers that the number of risks is 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.
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