In the PRINCE2 Risk Management Approach, part of the Project Initiation Document (PID), you are asked to define the scales for probability and impact. In the PRINCE2 Risk theme you find an example using five levels of probability and five levels of impact.
This is a easy and straight forward way of scaling probability and impact, and you can make a nice 5x5 probability impact grid for visual purposes. But, PRINCE2 doesn't give you any help to define the levels of impact. Here is one suggestion that might help:
This is a easy and straight forward way of scaling probability and impact, and you can make a nice 5x5 probability impact grid for visual purposes. But, PRINCE2 doesn't give you any help to define the levels of impact. Here is one suggestion that might help:




