This is the bottom-line measure used to prioritize issues and identify red flags. The risk impact is the overall level of risk based on how likely it is to happen and how bad the consequences would be. Probable: You can pretty much bet this risk will rear its ugly head.Possible: There’s a decent chance this risk will occur, but you’ve still got a ray of hope.Not likely: You just might catch a glimpse of Bigfoot before this risk makes an appearance.

With TeamGantt’s free risk assessment matrix template, you have three options for assessing the probability of an event. And of course, you’re going to want to address impending risks first. Some risks are more likely to happen than others. Generally unacceptable: Think of this risk as a sucker punch that sends your project spinning.Tolerable: This risk will hurt, but there’s no doubt your project will recover.Acceptable: You’ll hardly feel an impact if this risk occurs.We’ve broken risk severity down into three possible answers: Have you ever asked yourself, What’s the worst that could happen? This simple question helps you gauge the severity of a risk you’re about to take. Let’s take a look at the different scales and ratings that make up a risk assessment matrix. That makes it easy to prioritize issues and take action where it’s needed most to keep your project on course. A risk assessment matrix enables you to calculate project risk in a snap by identifying all the things that could go wrong and weighing its potential damage.

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