Managing risk with the NASA Risk Matrix - Deepstash

Keep reading for FREE

Managing Risk Like NASA

Managing Risk Like NASA

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.

473

2.05K reads

Frederick Wilcox

"Progress always involves risks. You can’t steal second base and keep your foot on first."

FREDERICK WILCOX

538

2.51K reads

The Risk Template

NASA identifies any potential risk using the following variables:

  1. Condition: A fact-based situation that is causing concern or doubt.
  2. Departure: The variation or potential change that the condition will cause.
  3. Asset: The project which gets delayed or affected.
  4. Consequence: The potential damage or negative impact that the ‘condition’ can have on the ‘Asset’.

The Risk Assessment has to only include facts, and not speculations or assumptions, while ensuring that the risk identification does not introduce new risks.

452

1.33K reads

NASA Risk Matrix: Likelihood And Consequence

NASA Risk Matrix: Likelihood And Consequence

The two main factors that impact the level of risk:

  1. The Likelihood: How likely is the risk of the potential change to occur.
  2. The Consequence: The level of the impact of the departure from the original plan.

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.

466

1.41K reads

Mitigating Risk

Mitigating Risk

Once a Risk Score is calculated based on the Risk Matrix, NASA recommends the following:

  • Lowest Risk: Put the risk on the watchlist and re-assess on a regular basis.
  • Low Risk: Perform further research and re-evaluate risk trying to better understand it, and facilitating a reduction of the same. Write a ‘risk mitigation plan’ and share it with the team.
  • Medium Risk: Along with the mitigation plan, perform continuous assessment of the risk, assign resources, and keep everyone informed.
  • High Risk: Immediately escalate to the higher authorities, letting all the stakeholders know of the same.
  • Highest Risk: Consider changing the original plan of action and shelving or delaying the project right away. Speed is of the essence and hard but unavoidable decisions have to be made to minimize damage and loss of life.

477

1.15K reads

CURATED BY

cartervx

My math book needs to commit suicide. It has way to many problems.

Ready for the next level?

Read Like a Pro

stash-superman-illustration

Explore the World’s

Best Ideas

200,000+ ideas on pretty much any topic. Created by the smartest people around & well-organized so you can explore at will.

An Idea for Everything

Explore the biggest library of insights. And we've infused it with powerful filtering tools so you can easily find what you need.

Knowledge Library

Powerful Saving & Organizational Tools

Save ideas for later reading, for personalized stashes, or for remembering it later.

# Personal Growth

Take Your Ideas

Anywhere

Organize your ideas & listen on the go. And with Pro, there are no limits.

Listen on the go

Just press play and we take care of the words.

Never worry about spotty connections

No Internet access? No problem. Within the mobile app, all your ideas are available, even when offline.

Get Organized with Stashes

Ideas for your next work project? Quotes that inspire you? Put them in the right place so you never lose them.

Join

2 Million Stashers

4.8

Stars

5,740 Reviews

App Store

4.7

Stars

72,690 Reviews

Google Play

Sean Green

Great interesting short snippets of informative articles. Highly recommended to anyone who loves information and lacks patience.

Ashley Anthony

This app is LOADED with RELEVANT, HELPFUL, AND EDUCATIONAL material. It is creatively intellectual, yet minimal enough to not overstimulate and create a learning block. I am exceptionally impressed with this app!

Shankul Varada

Best app ever! You heard it right. This app has helped me get back on my quest to get things done while equipping myself with knowledge everyday.

samz905

Don’t look further if you love learning new things. A refreshing concept that provides quick ideas for busy thought leaders.

Jamyson Haug

Great for quick bits of information and interesting ideas around whatever topics you are interested in. Visually, it looks great as well.

Ghazala Begum

Even five minutes a day will improve your thinking. I've come across new ideas and learnt to improve existing ways to become more motivated, confident and happier.

Giovanna Scalzone

Brilliant. It feels fresh and encouraging. So many interesting pieces of information that are just enough to absorb and apply. So happy I found this.

Laetitia Berton

I have only been using it for a few days now, but I have found answers to questions I had never consciously formulated, or to problems I face everyday at work or at home. I wish I had found this earlier, highly recommended!

Read & Learn

20x Faster

without
deepstash

with
deepstash

with

deepstash

Access to 200,000+ ideas

Access to the mobile app

Unlimited idea saving & library

Unlimited history

Unlimited listening to ideas

Downloading & offline access

Personalized recommendations

FAQ

Claim Your Limited Offer

Get Deepstash Pro