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Risk Management Model
Quick Summary
This Excel workbook provides a quantitative approach to assessing multiple, very specific risk factors such as technical complexity and PR exposure and opportunity factors such as market leadership and employee retention, to help you get the visibility you need and make sound project decisions.
What this is
Template for quantifying risk and opportunity associated with a project, addressing either five (Basic Model) or 21 (Advanced Model) key project risk and opportunity factors.
Why it's useful
Most people would readily agree that assessment of a project's risks (what could go wrong) and its opportunity (or its 'business justification and likely success') is a good idea for any project. However, risk and opportunity assessments may not lead to the most accurate conclusions and best project decisions if done cursorily. Risk assessments that are general and purely qualitative, such as flagging "low, medium, and high" risks to schedule, cost, and quality, may not provide you with enough insight to decide if the project is feasible and what specific risk items to manage closely. Opportunity assessments that offer only sweeping projections of potential sales or benefits may ignore other issues with, or lackluster aspects of, the potential offering. This template provides a more quantitative approach to assessing multiple, very specific risk factors such as technical complexity and PR exposure and opportunity factors such as market leadership and employee retention, to help you get the visibility you need and make sound project decisions.
How to use it
This file contains two risk/opportunity model assessments.
The Basic Model fits on a single sheet and covers five key risk and opportunity areas.
The Advanced Model covers the last three sheets in the workbook. It addresses 21 different risk and opportunity areas which include factors like Internal Politics and Employee Retention, in addition to the key areas covered in the basic model. The chart output for this model is on a separate worksheet.
Both models assume the lowest level of risk and opportunity possible as a baseline for calculating the scores on each. To generate a score for your project, change the numbers in the Risk Factor columns to reflect the criteria that applies to your project. Comments in the worksheet illustrate this. The risk and opportunity model charts generate dynamically as you modify the numbers, so you can see how changing factors affect the relative risk and opportunity of your project.
A basic weighting system is provided to account for the fact that some factors will have greater or lesser perceived importance. You can adjust these weighting scores to match your organization's priorities; however, if you choose to do this, remember to change the scale of the chart axis to match in order to ensure that the model output will not be skewed.
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