[maroonblazer]

Good approach, very similar to the model I've used. A slight modification I make:

>A 10 on likelihood is "this is certainly going to happen", a 1 is "it very probably won't, but it could".

If something is guaranteed to happen it's no longer a risk, it's an issue, and then needs to be actively addressed to resolve it, starting by adding it to the Issues List. That effort is in contrast to efforts involved in mitigating the likelihood of a risk happening or its impact. E.g. it would likely justify reallocating resources to resolve the issue where, depending on the score of a particular risk, it might not. Also, in terms of reporting, issues are almost always reported to upper management regularly, whereas risks may not be.

Again, really good approach. I don't see risks managed explicitly enough, and I've been managing projects professionally for over 20 years.

[Buttons840]

What about something that will certainly happen, but happens probabalistically? You may not know enough to treat it as an "issue" even though you know "something" of the type will happen eventually.

It's a matter of definitions, but something that is certain to happen being a "risk" seems reasonable.