Assignment 2: Risk Management Plan

Risk Management Plan template

APPENDIX A: Definitions of Probability and Impacts

<Define scales for probability and impact to be used for this project, in a similar format to those below. The probability scale below may be used unchanged, but the impact scales must be replaced with values specific to the particular project and which reflect agreed risk thresholds for this project.>

+/- IMPACT ON PROJECT OBJECTIVES SCALE PROBABILITY

TIME COST QUALITY

VHI >90% >20 days >$200K Very significant impact on overall functionality

HI 71-90% 11-20 days

$101K- $200K

Significant impact on overall functionality

MED 51-70% 4-10 days $51K- $100K

Some impact in key functional areas

LO 31-50% 1-3 days $10K- $5K0

Minor impact on overall functionality

VLO 11-30% <1 day <$10K Minor impact on secondary functions

NIL <10% No change No change No change in functionality

[Note: When using these impact scales to assess opportunities, they are to be treated as representing a positive saving in time or cost, or increased functionality. For threats, each impact scale is interpreted negatively, i.e. time delays, increased cost, or reduced functionality.]

© David Hillson and Peter Simon - 2007.