It is important to rate and rank the risks to identify which most deserve the scarce resources available to the project.

The reason for writing the risks on reminder notes is to put them on a simple matrix like the one in Figure 5.3 overleaf. This matrix rates each risk in terms of:

e likelihood - the probability that it will happen; e impact - the effect on the project were it to happen.

The scales are not arbitrary because risks are positioned according to the scores in Table 5.4 overleaf.

Project Management Made Easy

Project Management Made Easy

What you need to know about… Project Management Made Easy! Project management consists of more than just a large building project and can encompass small projects as well. No matter what the size of your project, you need to have some sort of project management. How you manage your project has everything to do with its outcome.

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