This tool gives you a framework to prioritize risks quickly and effectively. The low impact/high probability risks in the upper left corner are probability and the impact is classified as high,medium or low.
The Initiation process is where stakeholders have the greatest ability to influence project outcomes.The risk is greatest during this stage due to the high degree of unknown factors.If the risk of a negative outcome is slight, the best course of action might be to minimize it.Since project managers and risk professionals are accustomed to the four common risks (threat) response strategies of avoid,transfer,mitigate and accept,it seems sensible to use these as a basis for developing appropriate strategies to respond to identified opportunities.
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