The level of impact a risk has on each impact category is governed by the following formula:
Risk Impact Factor = Probability Level x Impact Level
In other words, the likelihood of the risk occurring multiplied by the degree of severity it can inflict, determines the impact factor for a category. This information is shown numerically on the Impact screen (below-left). It includes a list of the Impact Categories, the Probability Level (previously selected on the Risk screen) and the Impact Level (which is selected on this screen).
RISK-ELIMIN8 has been designed to be flexible in the number of impact categories that can be evaluated against. It is also flexible in the varying scale of Probability and Impact Levels associated with each risk. Once probability and impact levels have been assigned, a Risk factor is automatically calculated and each risk will have a position on a risk matrix (below-right), thus providing a numerical and visual ranking.