The Risk Matrix as a tool for risk analysis: How to apply existing theories in practice in order to overcome its limitations
Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
Risk assessments which are part of the risk management process implies a systematic identification of risks and judgments of risk levels and are often used to create a foundation for decisions how to handle risks. Risk matrices are widely used as a tool within risk assessments. A number of articles have lately pointed out some weaknesses with the risk matrix, but also how it could be improved and how the weaknesses could be avoided. This paper describes how accepted theories have been applied in practical action in order to overcome the limitations of the risk matrix and improve the way of working with risk analyses within the studied organization. Despite the limitations the study finds the risk matrix to be a useful tool, but it should not be used in isolation and complementary techniques and tools are required.
Place, publisher, year, edition, pages
2016. , 29 p.
Other Engineering and Technologies not elsewhere specified
IdentifiersURN: urn:nbn:se:hig:diva-22025OAI: oai:DiVA.org:hig-22025DiVA: diva2:944825
Subject / course
Decision, risk and policy analysis
Decision, risk och policy analysis - master’s programme (one year)