Types of Risk Events

After the risk matrix has been defined, you can add risk events to the risk register.

Acumen Risk includes the following risk event types:
  • A Threat is any event that may negatively impact the project. This risk can carry a probability of occurrence, the likely impact on schedule and/or cost.
  • An Opportunity is any event that may positively impact the project. This risk can carry a probability of occurrence, a schedule impact and a cost impact.
  • A Calendar Event is a discrete risk event that is tied to a certain period of time. This risk carries a time period (months of the year in which it could occur) as well as a probability of occurrence for each month. In addition, the minimum/most likely/ and maximum impacts can be included.

    For an iteration, Acumen first determines if the calendar event risk occurs based on the probability. If the calendar event occurs, Acumen selects a value in the range in days from minimum/most likely/maximum impacts using a triangular distribution. A start date within the month is also randomly selected.

  • A Risk Window is a time period that may cause a delay for the project. This risk carries a minimum/most likely/maximum time period of occurrence.
  • A Delay Penalty is a cost penalty that occurs at a given date and may recur at intervals if an activity finishes past a certain date. This risk carries a time period (days, weeks, months, or years in which it would occur).