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Risk Probability and Impact Criteria

Define project-specific probability and impact scales before risks are scored.

How to use this template

This Word template contains prepared headings, tables, project fields and completion notes. Add your information, review the completed document and remove the notes before issue.

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Learning

How to use this template

When you need it

Define these criteria before teams assign risk ratings, or when inconsistent interpretation of likelihood and impact makes existing ratings unreliable for comparing threats, opportunities, escalation needs, and management priorities.

What it helps you decide

They give assessors a shared language for uncertainty and consequences, allowing ratings to reflect project objectives and decision thresholds rather than individual intuition or unexplained colour choices in a register.

How to complete it

  1. State Purpose and application, then define Probability scale in terms that fit the project context and the evidence assessors can reasonably use.
  2. Develop Impact scale by objective and Combined and exceptional impacts, distinguishing different consequences without hiding a severe specialist issue inside a combined rating.
  3. Agree Rating and escalation rules and Approval and revision basis, ensuring the criteria are controlled and applied consistently when project circumstances materially change.

Who prepares and reviews it

A risk specialist usually develops the criteria with project controls, technical, commercial, safety, and sponsor input. The project's authorized governance body approves their application, while specialists review objective-specific impacts and exceptional cases.

A mistake to avoid

Using numeric labels without defined consequence descriptions invites inconsistent scoring and makes apparently precise ratings unsuitable for comparing risks across different work packages.

Illustrative example

Illustrative example: infrastructure teams previously labelled both a short drawing delay and a major access loss as high risk. The criteria define project-specific likelihood and impact descriptions, then identify escalation rules. Reassessment reveals which event needs sponsor intervention and which remains within normal package management.

Explore the wider topic

Document contents

  • Purpose and application
  • Probability scale
  • Impact scale by objective
  • Combined and exceptional impacts
  • Rating and escalation rules
  • Approval and revision basis

Required inputs

  • Project name, location, company, document number and revision
  • Actual project scope, source records and responsible roles

Practical tools.
Professional judgment.

Confirm the adopted edition, local amendments, National Annex where relevant, and contract requirements.

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