![]() ![]() At the beginning, the article will provide briefly introduction to the risk management with its important elements. The aim of current article is to give an overview and summary of Risk Matrix. ![]() It is a common graphical tool used to simply and quickly visualize and categorize already identified risks, source of risks or risk treatments based on its probability and impact on a project. The one of the useful risk assessment tool supports project management to decide which risk need to be consider at first called “Risk Matrix” or also known as “Probability and Impact Matrix”. ![]() However, how to decide and prioritize which risk is more dangerous and need to be treat first? Furthermore, the management have to analyze and prioritize risks in terms of most severity and perform decision making in order to treat the risk and finally treat relevant risks in a structured way in order to avoid or at least mitigate any harm that may cause this certain risk. Effective project management need to identify what types of risk may influence particular stage of project. In order to understand the variety of risks that a project face Risk Management activities in a project need to be performed. The uncertainties imply risks of (generally adverse) events those effect on the outcome or/and objectives of projects. To successfully execute its projects, especially in surrounding unstable environment, the companies, need to be aware about significant uncertainties, which will undoubtedly face projects during different stages of its life cycle regardless its complexity and time completion. ![]()
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