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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.

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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.

...

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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 o...

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Frederick Wilcox

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

FREDERICK WILCOX

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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 un...

484

1.21K reads

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cartervx

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

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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 o...

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.

...

stash-superman-illustration

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