- Likelihood - the probability of it happening - typically high, medium or low
- Impact - the consequences of it happening - also high, medium or low
- Mitigation - what you are doing to ensure it does not happen
- Backup plan - what you will do if it does happen
You can easily remember these 4 using the simple acronym - LIMB!
Ken Thompson (aka The BumbleBee) blogs about bioteams, virtual collaboration and business simulation at www.bioteams.com.