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20. Create and Edit Risk Likelihoods

Updated: Feb 19



To add risk likelihoods:



1.       Go to Configuration > Risks and scroll to the Risk Likelihood box


2.      Click the Add button to display the following fields:











3.       Enter the likelihood of an event occurring





Likelihood: There are numerous ways to measure a risk’s likelihood, and the values you use are determined by your organisation or by a project’s risk management plan. Example likelihoods could include quantitative or numeral values, from 0 to 10, with 0 being the least likely and 10 being the most likely. Some qualitative values commonly used are rare, unlikely, possible, likely, certain.


4.       Assign a rank to each likelihood:


5.       Add a description of the risk likelihood. This will ensure consistency of understanding when people create and assess risks. Save your entry.


6.       Repeat the process to complete adding all risk likelihoods:


 You now know how to add risk likelihoods

 


To edit risk likelihoods:



7.       Go to Configuration > Risks and scroll to the Risk Likelihood box


8.       Click the Edit button to the right of the likelihood you wish to edit:


9.       Amend the likelihood and/or rank


10.   Save your entry.


You now know how to edit risk likelihoods



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