Add a Risk Matrix Template

Video

Add risk matrixes to assess and prioritize project or program risks.

Risk matrixes are added at the workspace level as templates, making them available to use in child workspaces, projects, and programs. You should add risk matrix templates at a level in your workspace hierarchy where they are available to all workspaces and the projects or programs that will need them. When a risk matrix is assigned to a project or a program, the data from template is copied to the project or program. This enables you to modify the project's or program's risk matrix without changing the template or other project or program matrixes to which the template is assigned.

To add a risk matrix template:

1. In the object selector, select  Workspace, select View Workspaces List, and then select a workspace name.
2. From the  Main Menu, select  Summary & Settings.
3. On the Summary & Settings page, select Dictionaries, and then select Risk Matrix Templates.
4. In the table, select  Add.
5. In the new row, complete the following fields:
   • Name: Enter a name for the new matrix.
   • Matrix Size: This is a read-only field that indicates the number of probability levels and the number of impact levels.
   • Probability: Select a probability threshold.
   • Cost Impact: Select a cost threshold.
   • Schedule Impact: Select a schedule threshold.
   • (Optional) User Impact: Select one or more user-defined thresholds.

     Notes:

     • All impact thresholds for a risk matrix must contain the same number of levels.
     • You cannot assign a matrix with relative thresholds to a program.
6. In the Scoring Method column, select one of the following risk scoring methods:
   • Highest Impact: The overall impact for a risk is set to the highest of all the impacts assigned to the risk.
   • Average Impact: The overall impact is determined by calculating the average of all impact values.
7. (Optional) In the Description column, enter a summary of the risk matrix.
8. In the Sharing Method list, specify how the data is shared between parent and child workspaces:
   • Manual: The data can be pulled down by child workspaces individually, using the Assign button in each child workspace. This is the default option.
   • Automatic: The data is pushed down to child workspaces automatically.
9. Select Save.

Tips

• The inputs for the risk matrix are the risk thresholds, which you must add on the Risk Threshold Templates page in the workspace settings.
• The Probability and Impact Diagram (PID) is a graphical representation of your risk matrix which is automatically created based upon your threshold selections. Select  Settings to modify the PID color settings.

This setting is used in the following apps: