20. Create and Edit Risk Likelihoods

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