Using a Risk Assessment Matrix for a Qualitative Risk Analysis

Using a Risk Assessment Matrix for a Qualitative Risk Analysis


A risk assessment matrix is a visual tool project managers use to assess a risk's potential impact on their project. It is used to prioritize project risks and create risk mitigation strategies to manage any impact from high probability, high impact risks. Risk assessment is one of the most important steps in the risk management process and is a great tool to keep the focus on risks that are more likely to impact the time, cost and scope of the project. Using a risk matrix to assess and prioritize risks is key to creating a risk mitigation strategy, and live tracking lets you view the evolving risk environment. Follow these four steps to create a risk assessment matrix and remember to constantly review and revise it throughout the project life cycle.

Identify risks, set risk criteria, assess risk, prioritize risk, and develop strategies to address risks. A risk assessment matrix works well with qualitative risk analysis, which is a risk management technique to prioritize risk. Qualitative risk analysis provides a structure to use your risk matrix within, and can help you assemble a team to identify risks and document every risk they identify. A risk matrix is just a visual representation of a qualitative risk analysis.