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Risk Matrix a risk management tool (Identified risk (Financial risk,…
Risk Matrix a risk management tool
Identified risk
Financial risk
Managerial risk
Environmantal risk
Construction risk
Social risk
Design risk
Calculate Likelihood
Moderate
10-50% chances
Likely
50-90% chances
Unlikely
3-10% chances
Aimost certain
90% chances
Rare
<3% chances
Calculate Consequences
Moderate
It may cause sizeable amount of damage of $100000
Critical
It may cause great amount of damage of $ 1M
Marginal
It may cause minor damage of $10000
Catastrophic
It can cause huge amount of damage $10M
Insignificant
it cause negligible amount of damage of $1000
Make a action plan
To decrese the impact
how we can response to risk
To decrease the likelihood of risk
To mark the risk
Risk Rating will be calculated from Likelihood and consequences
Medium
Some action needs to be taken to prevent the project from the risks
High
These risks require quick action.
Low
Low risks are not dangerous for the project
Extreme
These risks always cause significant damage on project
Make a Risk Assessment Matrix
By using all the information we can make the risk matrix
The risk matrix will be divided in four colours
Orange means high risk
Red means extreme risk
Yellow means medium risk
Green mean low risk