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110 with the risk register. The P I matrix can be used as the sole subject matter experts who can provide informed judgments tool for ranking risks in a qualitative analysis. In a quantitative about the probabilities of occurrence and the likely impact risk analysis, the P I matrix can be used for an initial assess- based on past experience, as well as data, when available. ment of risks before a more precise measure of probability and impact is made for probabilistic calculations. Resources Caltrans Office of Statewide Project Management Improvement (2007). How to use it? Project Risk Management Handbook: Threats and Opportunities, 2nd ed., May 2007, Caltrans, Sacramento, CA. The estimator, project team member, or appropriate sub- ject matter expert uses his or her professional judgment to U.S. Department of Energy (2003). Project Management Practices: Risk determine the probability of occurrence and the corresponding Management. U.S. Department of Energy, Office of Management, likely impact for each risk. This is typically done using adjectives Budget and Evaluation, Office of Engineering and Construction (e.g., high, medium, low, etc.) rather than direct probabilities Management, Washington, D.C. (e.g., 10 percent, 25 percent, etc.) or impacts (e.g., $1 million, 3 months, etc.). The adjectives correspond to color coding for R3.9 Risk Comparison Table graphical presentation. This information is used to prioritize the risks so that the project team can effectively allocate the The risk comparison table is a powerful tool to specifically resources to the risks that have the highest potential to adversely prioritize a number of risks, in order, based on their poten- affect the project. tial impact. Example What is it? Figure R3.8-1 shows a sample P I matrix with brief The risk comparison table is a method to compare risks, descriptions for the various combinations of probabilities of side-by-side against one another. The comparison is generated occurrence and impact. This example was taken from the by each member of the project team. Risks are compared side Caltrans Risk Management Handbook. by side and the team votes on the risk that they think should Figure R3.8-2 shows a color-coded assessment guide that have priority between the two. This process is repeated for project teams can use for rank-ordering project risks. This ex- comparisons among all of the project risks (A and B, A and C, ample is taken from the U.S. Department of Energy. A and D, B and C . . . etc). Tips Why use it? The P I matrix is most effective when used to prioritize We use the risk comparison table method for much the the limited resources at a project team's disposal. A key re- same reasons we use risk prioritization. The prioritization of quirement of successful use of this tool is the involvement of risks allows resources to be allocated and spent on the most Note: TBPOC stands for the Toll Bridge Program Oversight Committee Figure R3.8-1. Sample P I matrix.