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In project planning, a risk value is calculated by multiplying the impact of the risk by its probability of occurrence. The impact refers to the potential damage or loss that could be caused if the risk event occurs, while the probability of occurrence is the likelihood of the risk event happening. This calculation gives an estimate of the cost of the risk, which can be used to prioritize risks and develop appropriate risk management strategies.
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This risk analysis table breaks down the risks associated with your project and then ranks them based on impact and probability of occurrence. Multiply these together to calculate a risk value, or an estimate of the cost of the risk. (Slide 18) Inform your risk analysis with this risk matrix to track risk likelihood against level of consequence. If a risk has an catastrophic level of impact and certainty, it needs to be managed carefully. (Slide 19)
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