Original Source: Bright Hub Project Management by Sidharth Thakur

Confused about how to manage risks? Can’t decide which to deal with first? Then the risk assessment matrix is the tool that you need to prioritize and develop an effective strategy. Find out more about this helpful tool.

A risk assessment matrix is a project management tool that allows a single page – quick view of the probable risks evaluated in terms of the likelihood or probability of the risk and the severity of the consequences. 

A risk assessment matrix is easier to make, since most of the information needed can be easily extracted from the risk assessment forms. It is made in the form of a simple table where the risks are grouped based on their likelihood and the extent of damages or the kind of consequences that the risks can result in….

Contributors: Open Source
Categories: Industry Articles, SIG U Resource
SRC Type: Risk Management, Sourcing Management, Third Party Management