Expert judgment is required to assess the probability and impact of each risk to determine risks' locations in the matrix shown in Figure 11-6. Experts generally are those with experience with similar projects that occurred in the not-too-distant past. In addition, those who are planning and managing the specific project are experts, particularly about the specifics of that project. Securing expert judgment is often accomplished with the use of risk facilitation workshops or interviews. The experts' bias should be taken into account in this process.
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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.