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Posted: Tue Jan 29, 2013 8:24 pm Post subject: Difference between Risk & Impact assessment
Hi,
Could you please explain me what is Risk Assessment & what is Impact Assessment. As fas as i know both are same. But my new organisation having two document one is for Risk Assessment and one is for Impact Asssessment.
2. Could you please explain how to calculate Risk level. Like Risk level-1, 2, 3 & 4.
Joined: Mar 04, 2008 Posts: 1883 Location: Newcastle-under-Lyme
Posted: Tue Jan 29, 2013 10:11 pm Post subject:
Impact is about things that will happen (like the use of resources or downtime) risk is about things that might happen (like something going wrong or taking longer than predicted).
The simplest way to look at level of risk is to multiply the likelihood by the effect if it happens. What numbers you then assign to a particular level are a function of your company's aversion to risk, but probably anything fairly likely to happen which has severe consequences is probably level 1 and to be avoided. _________________ "Method goes far to prevent trouble in business: for it makes the task easy, hinders confusion, saves abundance of time, and instructs those that have business depending, both what to do and what to hope."
William Penn 1644-1718
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