21. Create and Edit Risk Consequences

To add new, and edit existing risk consequences, follow the same steps that you used to create and edit risk likelihoods.

Consequences: As with risk likelihoods, there are numerous of ways to measure a risk’s impact and the terms or values you use will be determined by your organisation or by a project’s risk management plan.

Some example consequences could be:

·         Quantitative or numeric values: 0 to 10 with 0 being insignificant and 10 being extremely serious.

·        Qualitative values: negligible, marginal, critical, and catastrophic.