As we have previously described, a risk as an event that has not yet occurred that would impact one or more project objectives.  Once a risk has been identified, the next step is to assess the probability and impact of the risk should it occur. A tool that can help organize this analysis is a Probability & Impact matrix.

Template – Risk Register – 09-02-2015 v2

The tool include in the link above is actually something of a hybrid. It provides a means for storing identified risks (as would be typical of a risk register), assess risks (similar to a typical probability and impact matrix) and catalogs risk response plans. This tool is intended to provide you with the essential elements of each.

Citation: The Probability and Impact Matrix provided in this post builds on the work of others. The matrix format and logic was originally developed by Project Managers (Dan Montagna, PMP in particular) at Heller Consulting. It has been modified and republished here, but we wanted to recognize and appreciate the contributions of Heller Consulting. The original post and version of this tool was originally found on The Connected Cause: Risk Does Not Have to be a Four-Letter Word.