Description
In a qualitative approach, risks are usually categorized into “high”, “medium” and “low”, and are represented in a risk matrix. This risk matrix represents the possibility and severity in order to integrate the potential accident scenarios that were identified in the threat identification stage. Inside the matrix, the criticality of a risk, through the use of colors, can identified. The results provided by this matrix can be used to compare risks and identify improvement and mitigation measures.
Effort
Low
Complexity
Low
Method Type
Semi-Quantitative
Qualitative
ISO 31000
Risk Analysis - Likelihood
Risk Analysis - Severity
Risk Evaluation
Prerequisites
Basic Approach
1. Determining the probability of occurrence based on the possible threats/causes
2. Determining the severity of the consequences
3. Extracting the evaluation class from the matrix (red, orange or green areas)
Advantages
- Simple evaluation of risks
- Provide a possibility to rank the identified risks
- Adequate representation based on color coding
Disadvantages
- It may over-simplify complex situations, particularly where quantification is attempted
- Subjectivity can affect the quality of the analysis and evaluation
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