Risk Management Software: Risk Prioritisation
RiskDecision is named this way because its primary goal is to assist in decision making. The first decision that has to be made in risk management is setting priorities. You will not be able to manage all risks immediately and at once. Therefore, you will make a decision on the most important uncertainties.
RiskDecision provides a risk assessment map that helps you selecting uncertainties to go ahead with. The higher the probability of the occurrence of a risk and the higher the impact in case of occurrence the more important risk mitigation may become. The inverse is valid for an opportunity: the lower probability and impact, the more attractive an opportunity becomes. Next to this general rule a wise risk manager will take a look at uncertainties and perhaps select other uncertainties, e.g. a risk with low probability, but a very high impact which reflects a disaster.
Qualitative and Quantitative Risk Assessment Maps
Both qualitative and quantitative risk assessment maps are very similar. The only difference is the scale: