Probability And Impact Matrix
Each risk’s likelihood and impact scores are combined, and the results are then ranked in order of management importance in a risk assessment matrix.
An effective risk assessment matrix can offer the following advantages:
- Identify the event outcomes that require more research.
- aid in identifying potential areas for risk reduction
- Give a visual representation of the hazards associated with each project or job.
- Simplify the risk management process.
- If necessary, provide a more in-depth analysis for high-risk circumstances.
