Define Impact Levels
Explanation
This activity is used to establish impact levels and values to evaluate Risk
Analyzes.
Risk is the combination of probability and the impact of a particular
effect.
Impact Levels encompass an impact level which is a descriptive value the user
may use when there is no actual estimate of the likely cost and time impact, an
impact weighting which is used for simple calculation with the probability, and
the cost value fraction which is a measurement of the impact against the total
contract or project value.
Prerequisites
None
System Effects
Defined impact levels are available in the Lists of Values
where impact levels are applicable.
Window
Risk Basic
Data
Related Window Descriptions
Risk Basic Data/Impact Levels
Procedure
Use the following procedure to create an impact level record:
- Open the Risk Basic Data window, and select the
Impact Levels tab.
- Click New (F5) to create a new record.
- In the Impact Level field, enter a description of the level you
want to add. (e.g. Very Low, Low, Medium, High, Very High)
- In the Impact Weighting field, enter a value that the
impact level record should take. This adds a numerical value to the impact
level record which can be used with the Probability Weighting in
calculations.
- In the Cost Value Fraction field, enter a value for the
measurement of the impact against the total contract or project value. This
value is used to work out how serious the impact may be based on the
relative impact.
- Click Save.