What is a risk matrix and how to create one [ definition + template]
Effective project risk management is essential for any organization to achieve project success and maintain operational stability. A risk matrix, also called a risk assessment matrix, provides a straightforward approach to identifying, assessing, and prioritizing potential risks by evaluating their likelihood and impact.
By using a risk matrix, your team can easily spot, evaluate, and prioritize risks based on their likelihood and potential impact. This simple yet powerful tool helps you proactively manage threats, ensuring that your organization is prepared to handle any challenges that may arise.