Weight for risk categories

General discussion and questions about project risk management and risk analysis software RiskyProject. Includes discussion on how to perform efficient project risk analysis using our software.

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David
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Joined: Tue Jan 15, 2008 4:33 am
Location: UK

Weight for risk categories

Post by David » Fri Jun 10, 2016 10:57 am

Could you explain how weight for risk categories work
PMP, M.Sc.

Intaver Support
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Re: Weight for risk categories

Post by Intaver Support » Fri Jun 10, 2016 11:04 am

Risk category weighting is one of the ways that RiskyProject is able to calculate separate risk impacts and scores for each risk category. Risk weights allow you to set the relative importance of one category over another. This relative importance is then used during the calculation of risk impacts and scores. If a risk category has a higher relative risk weighting, this will boost the risk score such that it may make risks with impacts to the particular category to have higher priority in the risk register.

In the example below, by default all of the risk categories have equal weighting.
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However, perhaps we have a project where Safety is 3x more important than either schedule or cost, that is any risks that can have a safety impact will have a much higher priority when we perform the risk response planning. It would appear as below.
Image

As we can see the Importance values are adjusted due to relative importance that we have assigned to the risk categories. This value is then used in the calculation of the risk impacts and scores which will reflect the importance that we placed on the Safety category as compared to schedule or cost. In effect, this should tell us that we are willing to sacrifice cost and schedule objectives to ensure safety.
Intaver Support Team
Intaver Institute Inc.
Home of Project Risk Management and Project Risk Analysis software RiskyProject
www.intaver.com

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