Risk impact, probability Options
Is it possible to edit what the options are?
So for example, we could use probability options like Rare, unlikely, possible, likely, almost certain? or impact options like catastrophic, critical, moderate, negligible, insignificant?
There seems to be some confusion in our organization about what exactly the high to low options mean.
Answer (1)
Hello Tanya,
These are not currently editable, however a Risk's Probability is defined as "The probability or likelihood that this risk will become realized with low meaning not at all likely and high meaning almost certain." per its help text.
For Impact, this is the impact the risk would have on the project (for good or for bad) if it occurs. An impact rating should not factor probability into account. Low impact events would do very little to the overall effort while high impact events could immensely change the direction of the effort should they come to fruition.
I hope that helps some.