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- In a perfect world, every project would launch beautifully
and come in for a smooth landing with no unexpected bumps
in the road.
But you know better.
You've got budgets to stick to, deadlines to meet
and deliverables to deliver.
Throw all these ingredients into one big project
management pot and it's a surefire recipe for risk.
Thankfully, you don't need a degree in rocket science
to turn risk from a four letter word
into a flash in the pan.
A risk assessment matrix enables you to calculate
project risk in a snap by identifying all the things
that could go wrong and weighing its potential damage
that makes it easy to prioritize issues and take action
where it's needed most to keep your project on course.
Let's take a look at the different scales and ratings
that make up a risk assessment matrix.
Have you ever asked yourself what's the worst
that could happen?
This simple question helps you gauge the severity of a risk
you're about to take.
We've broken risk severity down into three possible answers,
acceptable, where you'll hardly feel an impact
if this risk occurs.
Tolerable, where this risk will hurt
but there's no doubt your project will recover
and generally unacceptable.
Think of this risk as a sucker punch
that sends your project spinning.
Some risks are more likely to happen than others,
and of course, you're gonna wanna address
impending risks first.
With TeamGantt free risk assessment matrix template
you have three options for assessing the probability
of an event.
Not likely, where you just might catch a glimpse of bigfoot
before the risk makes an appearance.
Possible, where there's a decent chance the risk will occur
but you've still got a ray of hope,
and probable, where you can pretty much bet this risk
will rear its ugly head.
The risk impact is the overall level of risk
based on how likely it is to happen
and how bad the consequences would be.
This is the bottom line measure used to prioritize issues
and identify red flags.
Low risk events aren't likely to happen
and don't pose a serious threat to your project.
They're just fine hanging out at the bottom
of your to-do list while you tackle bigger issues.
Think of medium risk events as speed bumps
that slow your project down.
They don't get top billing but a little mitigation
will go a long way in helping your project run smoothly.
With high risk events, you can expect them
to throw your project seriously off course
without mitigation.
They deserve swift action to keep risk at bay.
So how does a risk matrix apply
to real world situations?
Here just a few ways you can use a risk assessment matrix
to improve project management.
Surprises are great on birthdays and Christmas
but not as project deliverables.
Be the hero with the x-ray vision by showing clients
you've got a plan for ensuring their project
comes out on top.
It's a lot easier to avoid potholes
when you know what the road's like up ahead.
With a risk matrix your team can anticipate setbacks
before they happen.
Minimizing risk's ability to knock your project
completely off course.
You've only got so much time, money and manpower
to get the job done.
A risk assessment enables you to identify
your biggest project threats so you can focus resources
where they're needed Most.
Every project manager should keep
a risk assessment matrix handy.
While a risk matrix isn't terribly complicated
finding the time to build one between all your to-dos
is easier said than done.
Lucky for you, we made a free
risk assessment matrix template
so you can simply download it and go.
That's one more tool for your project management belt
with no extra work to juggle.
There's a link to full instructions for using the template
in the description of this video.
Ever wish you could assess risk on the fly?
TeamGantt online gat chart software makes it easy
to keep an eye on risk day or night.
And because it's live and web-based,
you don't have to manage risk alone.
The whole team can get in on the fun.
Here's a preview of some of TeamGantt features
you can use to assess project risk.
Check yourself with TeamGantt baseline feature,
it enables you to monitor project progress in real time
so you can identify project delays or overages
and adjust your plan for minimal collateral damage.
Have you ever taken on a big project only to realize
you don't have the resources to get it done on time?
With TeamGantt availability tools it's easy to see
how work's stacking up across your team
so you can set timelines you can stick to.
View your team's workload by tasks assigned
or hours estimated, your choice.
Communication is the engine that keeps projects running
on time and on budget.
TeamGantt gives you all the tools you'll need
to make project collaboration a breeze.
Comment on tasks, requests project updates
and invite others to the project so everyone knows what's up
and nothing falls through the cracks.
Risk is inevitable but it doesn't have
to wreck your success.
Sign up for your free TeamGantt account today
and discover just how easy it is to stay one step ahead
of project risk.
And that's it for this video on risk assessment
in TeamGantt.
I hope you found it helpful.
If you did, I'd love it if you could return the favor
and hit the like button and don't forget to subscribe
to our channel and turn on notifications
so you don't miss any of our videos.
Thanks for watching, I will see next time.
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