EOSC-hub:Risk Management

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EOSC-hub project: Main page Project Office Proposal H2020 regulations VA-TNA FAQ Risk management




under construction

Risk analysis

During the analysis the risk level is evaluated by means of interviews to the Work Package leaders and other relevant actors performed by the Quality and Risk manager. Risk rating (level) is calculated according to likelihood and impact matrix.

Risk likelihood descriptors

The following table contains the risk likelihood descriptors:

Rating
Description
Likelihood of occurrence
1 Unlikely Not expected, but there's a slight possibility it may occur at some time.
2
Possible The event may occur at some time.
3
Likely There is a strong possibility the event will occur
4
Almost Certain Very likely. The event is expected to occur in most circumstances

Risk impact descriptors

The following table contains the risk likelihood descriptors:

Rating
Description
Project Objectives impact
1 Minor
  • Any risks which will have just a light impact on the project, still these must be addressed in time.
  • Degradation of deliverable quality barely noticeable.
2
Moderate
  • Risks which will cause some problems, but nothing too significant. Reduction of deliverable quality requires approval.
3
Major
  • Risks which can significantly jeopardize some aspects of the project, but which will not compromise the success of the whole project.
  • Reduction of deliverable quality unacceptable
4
Catastrophic
  • A risk that can be detrimental for the whole project


Risk likelihood and impact matrix (risk level)

The risk likelihood and impact matrix is a grid for mapping likelihood of each risk occurrence and its impact to the project objectives in case the risk occurs. Risks are prioritized according to their potential consequences on the project objectives.

Likelihood Impact
Minor Moderate Major Catastrophic
Unlikely Low Low Medium Medium
Possible Low Medium High High
Likely Medium High High Extreme
Almost Certain Medium High Extreme Extreme