Be aware, be prepared - risk management on product launch
While working on a project we are constantly faced with risks — please recall the delusion part as research in Ariely book, mentioned above, and to be clear once more — there are NO projects without risks . But also, be rational, not everything should be identified as a risk, otherwise we will be burdened with unnecessary activities, which will have a direct impact on the entire project. To keep this under control, we are using probability and impact matrix. Probability is divided into 5 categories: rare, unlikely, moderate, likely, very likely. The impact is divided into 5 categories as well: trivial, minor, moderate, major, extreme. The overall result is divided into three categories: low, medium, and high. Matrix is created according to rules as described in the following figure: Risk severity definition matrix I performed an example of risk assessment and identified the main risks as I foresee for the fictitious online tourism service. For each risk, a probability and impact are de