5 Scales of Risk Matrix Criteria for Projects
Risk Matrix criteria for projects is one of the tools that we can use to determine the level of importance that we should attach to a risk. This will ensure that we are not wasting time on low impact risks.
To create a numerical risk matrix, you must identify the impact of risks on a project and assign an impact level for each risk.
If a risk impact level is five (5), it means such a risk will break the project. For example, if the technology does not meet basic quality requirements, the system will seriously disrupt a mission-critical business function.
A risk matrix criteria of (4) will require significant additional resources in time and cost to complete the project. The Sponsor may be required to reduce the impact of the risk.
If the risk impact matrix is three (3) , the project will be delayed, but can still be completed with moderàte additional resources. The Project Manager can handle this risk with the support of the Sponsor.
Also, if the risk impact level is two (2), the project can be completed with mi or additional resources in time and cost. The Project Manager can handle the risk.
Finally, if the impact level is one (1), the risk might cause minor inconvenience. For example, an important internal skill resource becomes unavailable, but the external equivalent skill resource is readily available at an equivalent cost. The Project Manager can handle the risk.
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