The two-dimensionality of project risk
International Journal of Project Management, 14, (3), . (doi:10.1016/0263-7863(96)00030-0).
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The idea of multiplying the likelihood and the impact of risks is common. This Note discusses the point that the proper consideration of project risk requires consideration of both impact and likelihood. Calculating “expected” risk as probability times impact has limitations, and ranking risks according to this figure is misleading. Computerized “risk lists” thus ranked should not be relied upon.
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