BINARY & TRI-LEVEL ATTRIBUTE EVALUATION

What Is It

Binary attribute evaluation is a simple method used to gain a better understanding of the risks by determining the expected impact, probability, and timeframe of a risk evaluated by each participant. The final output represents the consensus evaluations for each risk. The attribute values given for each risk, determined based on a specific criteria specifically defined for the project, are:

• Impact: significant or insignificant
• Probability: likely to occur or not likely to occur
• Timeframe: near-term or far-term
  

Tri-level attribute evaluation is similar to the binary evaluation except tri-level evaluation uses three attribute values for a more detailed analysis compared to using two attribute values.

• Impact: high, moderate, or low
• Probability: high, moderate, or low
• Timeframe: near-term, mid-term, or far-term

When To Use

Use this method

• As a first step in analysis.
• To evaluate risk probability, impact, and timeframe, and determine its relative importance.
• When you need to quickly sort out risks that will be catastrophic or critical to the project among a large number of risks such as during Baseline Identification and Analysis.

Benefits

This method

• Is easy and quick to apply.