According to many studies, more than 60% of projects are either late
or fail to deliver to specifications. Risk is one of the aspects that
can impact timeline, budget, scope, and project resources, and there
is no way of knowing when it will happen.
Most of the time, you will feel like all the odds are against you. We
can't predict the risks, but we can proactively prepare for them.
Implementing efficient risk management methods, such as risk matrix,
help us avoid potential damage.
This article will give you a couple of tips and tricks, explain how
the risk matrix works, and help you turn your results into action.
WHAT IS A QUALITATIVE RISK ANALYSIS MATRIX?
The qualitative risk analysis matrix has three functions:
* Prioritizing risks based on probability and impact
* Identifying the main areas of risk exposure
* Improving understanding of project risks
Different types of risk influence projects, and it's not common for
project managers to deal with all of them. Usually, the resources ...