The Risk Assesment Matrix can be defined as a tool used in managing project risks. In simple terms, it is a tool that assists project managers in identifying and prioritizing risks. Compared to other tools such as the Control and Validation Matrix (CVM), the matrix can help project managers focus on the most critical risks facing the project. The use of the risk assessment matrix is made possible by integrating the different areas of risk into a single representation, which allows for the quick identification and prioritization of risks.
It is through the matrix that project managers can determine if a certain risk is important enough to take into consideration or not. Furthermore, the matrix can provide quick feedback on the status of the project after all the risk assessment has been carried out.
When the right classification of the different risk factors has been made, project risk management can begin. The matrix has been very useful in project risk management, and its implementation is the first step towards successful project management.
