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NASA is routinely dealing with problems that are as complex as they can get. Apart from having a process about measuring creativity, or a detailed checklist to take stock of every minute detail, they also have a Risk Matrix, a powerful tool that helps to identify and manage risk.
It is a diagram that provides the ‘likelihood score’ of the potential risk, when all the risks have been identified, and has a template that makes stating the risk easy.
"Progress always involves risks. You can’t steal second base and keep your foot on first."
NASA identifies any potential risk using the following variables:
The Risk Assessment has to only include facts, and not speculations or assumptions, while ensuring that the risk identification does not introduce new risks.
The two main factors that impact the level of risk:
The consequence ‘scorecard’ evaluates the likelihood of the risk and the level of impact (like loss of human life, or the impact on the main goal) to determine the severity of the risk.
Once a Risk Score is calculated based on the Risk Matrix, NASA recommends the following:
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