One of the tools we read about this week was “Rating Schemes”. This is a major tool for qualitative assessments of risk. Virtually every project will use qualitative assessments to help gather data on project risks. I would like you to do two things:
1.What do the following terms mean to you (as a single percentage or a range of percentages)?
a. Highly probable
b. Highly likely
c. Possibly
d. Unlikely
e. Highly unlikely
f. Maybe 🙂
2.Search for articles, books, webpages, or any other resource for ways that others define both risk likelihood and risk impact in terms of a qualitative rating scheme
