Before I close my series of posts on project risk I thought I should address a related topic: project opportunity. Risk management is concerned with potential unplanned events that impact a project negatively. In contrast, opportunity can have a positive affect on the project. Moreover, project opportunity should be managed in broadly the same way as project risk.
The purpose of the risk matrix is to determine the risk category (very low, low, medium, high, and high*) so project risk may be addressed according to the impact on project schedule, cost, and benefit.
It is easy to be brave when far away from danger. – Aesop