What are the characteristics of an effect?
the importance of understanding effect characteristics
Effects are the result of a risk occurring. They have impact on the project goals that were set. Mapping effects creates a realistic view of the true importance of a risk. The insights gained in the process can be used to effectively manage risks.
Effects have a number of characteristics:
- Moment of occurrence: direct effects take place immediately after a risk occurs. Indirect effects take place later or as a result of direct effects.
- Type of effect: the nature of a consequence. This could be costs, product quality or lead time of the project for example.
- Magnitude of the effect: the extent of the effect. The amount of money involved or the number of additional days needed to complete the project. How substantial are the effects?
