Using Excel for Risk Assessment
Risk assessment involves figure out how much or how little a particular threat could derail your project. Risks are generally categorized by their potential impact. If a risk has a high probability of derailing a project, then the next thing that you need to figure out is whether or not there is a high probability of that risk happening.
If there is a good chance that the risk will occur, then you need to deal with it beforehand. Or, you at least need to come up with a plan to tackle it once it does occur. One way to plan and/or deal with risks is via free Excel risk assessment tools.
Microsoft Excel is a tool that most organizations already use. So, it generally costs you nothing or very little to use this as a risk assessment tool. Next, Excel has the ability to calculate functions, and you can create multiple worksheets within the same worksheet. This allows you to quickly compare different situations and determine risk threat.
You Excel worksheet functions similarly to the white board, except that it’s online. This allows you to share the worksheet amongst different team members, not matter where they are located.
If you have never used Excel for risk assessment, then you need some examples, but you don’t want to pay an arm and a leg to get them. This is where the free Excel risk assessment tools help. But, you need to know where to look to find them. The web is the easiest place to start.