Projects at Work

What Is Your Biggest Risk?

Beyond probability and impact, there are several other important characteristics of risks that project and portfolio management leaders can use to more instructively answer this seemingly simple but all-important question.


 
It should not be too hard to answer the question “What is the biggest risk in your project or business?” Most of us know what keeps us awake at night, either worrying about what could go wrong (threats), or getting excited about possible improvements (opportunities). But how do we decide which risk is the “biggest”? Is it just an intuitive feeling, or are there measurable parameters we can use?
 
It is very common to use just two factors to size risks: probability and impact. These factors estimate how likely the uncertain risk is to occur, and how significant its effect would be if it actually happened. Probability and impact are related …


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