International Project Management Day




Risk Strategy Selection Matrix


Quick Summary
Screenshot Often there are multiple strategies a team can choose from to deal with project risks. This matrix helps the project manager, management, and the team get a clear look at the most pervasive risks, and identify which strategies have the best chance of resolving multiple risks at once.


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What this is

A template to aid in determining the appropriate risk strategies to deploy when there are a host of different strategy options that may be deployed to deal with individual or multiple risks on projects.

This template was contributed by Carl Pritchard of Pritchard Management Associates, www.carlpritchard.com.


Why it's useful

Most environments generate multiple strategic options to deal with risk. This allows for an intelligent cross-comparison. This tool allows the project manager, management, and the team to get a clear look at the various risks that are most pervasive and by allowing them to concurrently see which strategies have the greatest likelihood of resolving multiple risks. This cross-comparison facilitates understanding of the optimal strategies and identifies which strategies have the lowest levels of efficacy.


How to use it

This template should be used to incorporate the range of options that may arise during Risk Response Development on a project.

  1. Select the top 5 (or 10, or 15, whatever is deemed reasonable) risks for the project.

  2. Plot these risks into the matrix, along with columns for cost impact and schedule impact.

  3. For each risk, identify a strategy (or multiple strategies) by asking how the risk might be avoided, accepted, mitigated, or transferred. Document the strategy on the matrix.

  4. Once the strategy is documented, evaluate it for its effect on the other risk events identified: use a plus sign (+) for each risk event on which it has a positive influence, and a minus sign (-) wherever it has a negative influence. If there is no influence, leave the cell blank or insert a 0 to represent no effect.

  5. Continue until sufficient strategies to address the risks are identified.

  6. Evaluate the strategies based on their relative number of + and - signs, and select the optimal strategy.


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