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:

  1. Open the Risk Basic Data window, and select the Impact Levels tab.
  2. Click New (F5) to create a new record.
  3. In the Impact Level field, enter a description of the level you want to add. (e.g. Very Low, Low, Medium, High, Very High)
  4. 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.
  5. 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.
  6. Click Save.