Other risk management methods are:
– Risk indicator scales: Works as a support for subjective judgement when the content and commercial environment of your project is routine and the scales have been calibrated. Often misused by inexperienced personnel who try to convert scales into dollar or time values
– Probability modelling: Model development can be used as a framework for risk identification and tends to highlight any gaps in plans and optimistic assumptions. Provides a sound basis for understanding the uncertainty in cost and schedule estimates and setting realistic targets and contingencies, as well as clarifying the effects of alternative risk sharing strategies.
– Informal direct assessment of risks: Works well when the content and commercial environment of your project is routine and experienced people are available with time to consider each project in depth.