Risk 2 with high impact and medium probability ( calculated risk=6, risk rating=High) Risk 1 with low impact and low probability ( calculated risk=1, risk rating=low)Ģ. Risk Rating: Low (0), Medium (50), High (100)Ī project has two risks of 'Funding' category type.ġ.Risk Probability: Low (1), Medium (2), High (3).Risk Impact: Low (1), Medium (2), High (3).Note: The ' status' of a detailed Risk is considered in the overall Risk Score Average Weighted Formula, therefore, the calculation will NOT add in the detailed Risks with a status of 'Closed' or 'Resolved'.Įxample: In the application, the default values for the Risk Settings are as follows: This value is assigned to the contributing factor attribute of the project that is one of the factors that drives the formula of the project risk score. Thus impact and probability for a certain category type are used to get the risk score from the risk score matrix. The same is the case with Project Risk Probability. Project Risk Impact is determined by taking the average of the sum of all the risks impact value for a category type and then mapping it to the closest higher lookup_enum value of the impact. The system takes care of moving the average value of all the risks of a certain category type (contributing factor) to the contributing factor attribute of the project.
The 1 VaR is then 0, because the probability of any loss at all is 1/128 which is less than 1. Projects that have detailed risks can create risks of particular category types(contributing factors). That is, the possible loss amounts are 0 or 12,700. Projects that do not require detailed risks can set these contributing factor attributes on the Project Properties, Risk Rating page (Risk summary page or Settings page). Risk score at the project level is calculated using the building formula based on certain contributing factors (Category types).
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