The two-dimensionality of project risk

The two-dimensionality of project risk

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Article ID: iaor19962019
Country: United Kingdom
Volume: 14
Issue: 3
Start Page Number: 185
End Page Number: 186
Publication Date: Jun 1996
Journal: International Journal of Project Management
Authors:
Keywords: risk
Abstract:

The idea of multiplyng the likelihood and the impact of risks is common. This note discusses the point that the proper consideration of project risk requires consideration of both impact and likelihood. Calculating ‘expected’ risk as probability times impact has limitations, and ranking risks according to this figure is misleading. Computerized ‘risk lists’ thus ranked should not be relied upon.

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