Risk Matrix

A Risk Matrix is a visual tool commonly used in project management and risk assessment to evaluate and prioritize potential risks. It consists of a grid with two axes: one representing the likelihood of a risk occurring and the other depicting the impact or severity of the risk if it does materialize. By plotting identified risks on this matrix, teams can quickly identify high-priority risks that require immediate attention and develop appropriate mitigation strategies, thereby enhancing project preparedness and risk management.

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