A 3 by 3 risk assessment matrix is a quick and easy way to assess project risks to revealing the hazards that could derail your project. stakeholdermap.comThis simple 3 by 3 risk assessment matrix is often used for assessing project risks were there is not likely to be direct health and safety concerns. For example, organisational change, software implementation or system upgrade projects. The low, medium and high scale is flexible and can be applied to many situations. For example on a software project a high impact risk might be something that could cause a delay to go live or a +10% overspend. For a conference a high impact risk might be something that would result in the event being cancelled.
The key is to define what Low, Medium and High means for your project.
Because of its simplicity this matrix is best used as an initial ‘filter’ to identify high and medium risks which can then more rigorously assessed.
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Risk Matrix References
ICAO in its Safety Management Manual. https://www.icao.int/safety/SafetyManagement/Documents/Doc.9859.3rd%20Edition.alltext.en.pdf, Pg 2 – 28 – 2 - 29