Other Characteristics of Risk Assessment for Exam Success

PMBOK v8 Definition

Other characteristics of assessment may include the degree of impact on the objectives, manageability, timing of possible impacts, relationships with other risks, and common causes or effects. These characteristics are evaluated during Perform Risk Analysis, which involves an iterative process combining both qualitative and quantitative risk analysis actions. Qualitative risk analysis is conducted throughout the project to evaluate individual project risks by assessing their probability of occurrence and impact. Process Group: Planning | Knowledge Area: Project Risk Management

Why It Matters for the Exam

The PMI exam frequently tests your ability to distinguish between the standard probability and impact assessment and these additional risk characteristics. Questions often present scenarios where a risk has low probability but high manageability concerns, or where timing of impact is the critical factor—testing whether you understand that risk assessment goes beyond simple probability × impact calculations. Expect these characteristics in situational questions about risk prioritization and response planning.

Key Points to Remember (for the exam)

• Five Additional Characteristics: Degree of impact on objectives, manageability, timing of possible impacts, relationships with other risks, and common causes or effects
• Main Process: Perform Risk Analysis (Planning Process Group)
• Assessment Method: Evaluated in interviews or meetings with participants selected for familiarity with the types of risk recorded in the risk register
• Iterative Nature: Qualitative risk analysis is conducted throughout the project, not just once
• Probability and Impact Foundation: Always assess probability (likelihood of occurrence) and impact (potential effect on schedule, cost, quality, or performance) first
• Threat vs Opportunity: Impacts are negative for threats and positive for opportunities
• Common Confusion: These characteristics are NOT separate from probability and impact—they are ADDITIONAL assessment dimensions used to refine risk prioritization

Typical PMI Exam Example

A project manager identifies a risk that could delay the project by two weeks but has a 10% probability. During assessment, the team discovers this risk shares a common cause with three other high-priority risks. According to PMBOK v8, which additional characteristic of assessment should the project manager consider? Answer: Relationships with other risks

PMI Exam Traps

• Trap: Confusing "degree of impact on objectives" with "probability of occurrence"

• Reality: Degree of impact measures severity of effect; probability measures likelihood—these are distinct assessment dimensions

• Trap: Thinking manageability means the same as risk response strategy

• Reality: Manageability assesses how controllable the risk is, not the specific response chosen

• Trap: Assuming timing of possible impacts is only relevant for schedule risks

• Reality: Timing affects ALL objectives (cost, quality, performance) and determines when responses must be implemented

• Trap: Believing these characteristics replace probability and impact assessment

• Reality: These are supplementary characteristics that enhance, not replace, the standard probability and impact evaluation

Important PMI Connections

Quick Review Questions

1. During Perform Risk Analysis, what are the five additional characteristics that may supplement probability and impact assessment?

2. A risk has high probability but low manageability. How should the project manager prioritize this risk compared to a risk with medium probability and high manageability?

3. When assessing relationships with other risks, what should the project team look for in the risk register?

4. Why is timing of possible impacts considered a critical assessment characteristic for risk response planning?

5. How do common causes or effects help in developing generic risk responses?

PMBOK v8 Reference

Section 2.3 - Perform Risk Analysis (Planning Process Group, Project Risk Management Knowledge Area)