Have you ever stopped to ask yourself, What is a Risk Assessment Matrix? Essentially this is something that will play an important role in your risk management decision-making process. This is because it can help you make better decisions so that you minimize the likelihood that risks will occur while also optimizing how well your project performs.
Also known as a Probability and Severity risk matrix this is a visual representation of the risk analysis. Herein you’ll have the risks presented to you in the form of a graph. These risks are rated according to two categories: probability and severity. By taking time to study this chart you’ll quickly be able to determine if the level of risk you face is high or low. This is because the different colors on the grid will show you these things in a way that’s easy to understand.