An Excel guru might know a better way. This is about the best I think I ever got with Office 2007. I found that while do-able, it wasn't worth the effort most of the time, but here's how I went about it:
Create a table with risk factors in first column, likelihood scores in second column and impact scores in the last column. Chart the data columns as a scatter diagram (likelihood on "y" axis"; impact on "x" axis). Basic chart will yield a data point for the likelihood/impact coordinate for each risk factor. Basic chart gives you a choice of background heat maps that you can customize.
Cons: * you won't see the individual risk factor labels in the chart (only the related x/y datapoints), but you can manually force the labels by altering the chart's properties.
* if two risk factors have the same data point, you will only see one point. If you've substituted risk factor labels, one will overwrite the other.
A bar chart or stacked bar chart with a heat map running left (green) to right (red) may be the easier option in Excel
Edited: Thursday September 27, 2012 at 9:02 AM by Mark R. Simmons