![]() ![]() Hint : If you are not a huge fan of lists and prefer visual methods, you can follow a work breakdown structure style to identify and categorize your risks. (You will find a comprehensive list of risk types at the end of this article). ![]() Depending on your organization and project, your list of risks might include several types of risks, such as cost, environmental, and legal risks. Start by brainstorming and analyzing potential risks and opportunities related to your project scope. In this article, we will create a risk assessment form and a respective 5×5 risk matrix template for a construction project. Risk matrix template: create a risk matrix for your projectĪ risk matrix is a useful tool for project planning that you can create in just a few steps. Once you assess the likelihood and impact of each risk, you will be able to prioritize and prepare for them accordingly. (Hence why risk matrices are often called risk heatmaps.) You may also come across risk heatmaps that use different shades of one color instead of red-yellow-green. To denote the threat level, many risk maps feature a red-yellow-green color-coding that indicates whether risks are significant-, moderate- or low-level concerns respectively. In short, when the likelihood increases, the risk moves to the right if the impact increases, then the risk moves up. On the opposite side, in the top-right corner, the likelihood and the impact are the highest. The bottom-left corner of the matrix is where the likelihood and impact of a risk occurring are very low. The higher a risk ranks for these two factors, the bigger threat it poses to your project.
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