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About Risk Probabilities and Impacts

There are two ways probabilities and impacts can be defined in RiskyProject:

  1. You can define chance and outcome for each risk in the Probabilities and Outcomes tab of the Risk Information dialog box.
  2. You can also define risk chance and outcome directly in the Risk Register grid. However, in this case, risk cannot be assigned to any tasks or resources. If risk is already assigned to at least one task or resource, you will not be able to modify chance and outcome using the grid and the Risk Information dialog box will appear. This method is preferable for qualitative risk analysis and risk management.

Defining risk chances and outcomes in the Risk Information dialog box

Use Probabilities and Outcomes tab of Risk Information dialog to define risk probabilities and impact. You need to enter the risk chance, outcome type, and outcome for each mutually exclusive alternative. You may only define one alternative.

Please remember that risk chance and outcome may not be equal to calculated risk probabilities and impacts in the following cases:

  • For risks with multiple mutually exclusive alternatives
  • If you define uncertainties in risk outcome
  • In case of quantitative risk analysis (with project schedule)

To define risk chances and outcomes in the Risk Information dialog:

  1. On the Risks tab of the ribbon, click the Risk Register view.
  2. Double-click on risk ID to open the Risk information dialog box.
  3. Click the Probabilities and Outcome tab.
  4. Enter the Chance which will be used to calculate probability.
  5. Select the Outcome Type from drop down list.
  6. Select the Outcome label from drop down list or enter a percentage. Threat/Opportunity will be calculated automatically if you enter a negative outcome.
  7. If required, repeat steps 5 -7 for each mutually exclusive alternative.

Use the Format Risk Matrix dialog box to toggle between entering risk outcomes as labels, percentages, or both.

See also

About Risk Properties

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