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How to calculate the risk impact?

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I was looking at how to create the risk log , and there is a column called the risk impact, which defines the impact of the risk on the project (from 0 to 1, where 1 is extremely sever and 0 is negligible). I wonder if there is a scientific way to calculate the risk impact. For example, is there a formula to derive the value of the risk impact from?
asked 5 years ago by anonymous
related to an answer for: Risk log example

1 Answer

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The impact is usually expressed in terms of the dollars lost if the risk "happens" (becomes an issue).  This is merely an estimate which should follow at least some of the same estimating processs and guidelines used for developing the project estimate.  Often it is just an off-the-cuff number that comes up in a brainstorming session, and this may be OK too depending on the ability to absorb the risk.
answered 5 years ago by sdcapmp (45,840 points)
How to calculate risk impact on construction project?
asked 5 years ago by anonymous

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