Project Management in the Oil and Gas Industry

Risk description:
Risk degree:
Probability: 1 2 3 4 5 6 7 8 9
Impact: High Medium Low
Project areas that will affect by the event:
Ordering of the event impact on the project:
Who is responsible:
Solution step:
Prepared By:
Project Mgr. Sign.: date: 

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The History of Graphene 305
It is important to define the competent person that can manage the 
event in case it does occur.
This method is based on probability and impact (consequence) and uses 
the numbers three, two, and one to rank what is high, medium and low, 
respectively. But for manageability, use the numbers one, two, and three to 
rank what is high, medium, and low, respectively. 
In defining impact, the pessimistic one ranks everything as highly 
probable, while the carless one ranks everything as less probable. So, to 
control the meeting, be active and define the probability as follows:
• High probability – if the probability of occurrence is higher 
than 50%
• Medium probability – if the probability of occurrence is 
10-50%
• Low probability – if the probability of occurrence is less than 
or equal to 10%
The facilitator and the team leader shall define the criteria before 
start assessing the risks. This criterion is different from one project to 
another based on size and budget. The assumed criteria for the example in 
Chapter 3, as will be discussed in Section 8.8, is as follows:
• High consequence – when the risk becomes reality and 
the impact on the project will cost higher than or equal to 
$500,000
• Medium consequence – when the risk becomes reality 
and the impact on the project will cost between $50K and 
$500K
• Lower consequence – when the risk becomes reality and the 
impact on the project will cost less than $50K.