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Calculating Risk Probability and ImpactsRisk probability, impact and scores for all risks associated with a particular project or at the enterprise level are updated each time the risk register is loaded or refreshed:
To update the risk register, Monte Carlo simulations are automatically performed. This is required to statistically calculate the cumulative impact of each risk. Monte Carlo simulations are required because the same risk may be assigned to different projects and within a project’s various tasks and resources. The probability for each risk is based on the maximum probability of all risk assignments. See also |