Risk Matrix

A Risk Matrix is a tool used to evaluate the likelihood and impact of potential risks, typically represented in a grid format. It helps prioritize risks by assigning each one a severity level based on its likelihood and potential consequences.

• How to apply it:
  • Use a Risk Matrix to categorize risks and assign priority levels based on their potential impact and probability.
  • Focus on high-priority risks first and develop mitigation strategies for them.
  • Tip: The Risk Matrix can be updated throughout the project as new risks are identified or existing risks change in likelihood or impact.

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