Question

Q1: Explain the benefit of an enhanced risk matrix (numerical entries) compared to the standard risk matrix (Low, Med, High).

Q2: For a risk to life and limb your designers recommend two alternatives (same $$, same time): one design change only reduces the likelihood of occurrence, the other only reduces reduces the consequences. Which should you do first?

Answer 1

Numerous number of tool are available to govern project risk. but due to unfamiliar with all tool or due to complexity of tool, project manager are not in practice to utilize in any risk assessment project. enhanced risk matrix is such brief project management tool that required less effort but yield great output.

Risk assessment matrix is proposed by Gido and Clement in 2012 to access the project risk. this tool not only determine the probability of occurrence of risk but also determine the degree of impact of risk. But due to unable to quantify the risk nor prescribe the control measure, this tool require modification. therefore the modify form of Gido and Clement risk management tool is enhanced matrix.

the enhance matrix consist of number of column like Risk, consequence, chance of occurrence, impact etc.

Risk column pick out the risk

consequence column recognize the nature of after impact of risk

Impact columns list all dismissive impact  of risk.

Enhance risk assessment matrix (ERAM) and Fishbone diagram are sufficient tool for assessment of any risk. ERAM not only quantify and prioritize the risk but also provide cost reduction control measure during and before the action.