5 by 5 likelihood and impact scoring.
Use it to rank operational or supply risks. Rate each risk for likelihood and impact from 1 to 5, and it places them on a heat map and sorts the register from extreme to low.
1 is rare or minor, 5 is almost certain or severe. Paste columns from Excel.
Score = likelihood × impact. 1 to 4 Low, 5 to 9 Medium, 10 to 14 High, 15 to 25 Extreme.
A risk matrix rates each hazard or project risk by how likely it is and how severe the consequence would be, then plots the combination in a colour-coded grid.
Forklift and pedestrian contact in a shared aisle is rated likelihood 3, consequence 5: score 15, high. After marking a separate walkway and fitting blue spotlights to forklifts, the residual rating is likelihood 1, consequence 5: score 5, medium.
A grid with five likelihood levels and five consequence levels, giving scores from 1 to 25 grouped into low, medium, high and extreme.
The risk that remains after controls are in place. It should be lower than the inherent risk.
Yes. The same method works for project, supplier, quality and business risks.