Application of Risk Matrices in Risk Assessment Methods and Case Studies

Constructing risk matrices is a way to analyze potential risks in order to avoid negative results. First, the paper introduces the advantages of the risk matrix, such as objectiveness and explicitness. Next, the paper suggests how to construct a risk matrix by combining the evaluation of risk probability and risk severity step by step. After that, the paper delves into three cases that apply risk matrices from different fields and analyzes the pros and cons of the application in each case, respectively. It is found that applying risk matrices leads to rational decisions that avoid future loss and ensure safety significantly. However, the limited perspective of the matrix could lead to one-sided results. In the future, one can develop risk prediction algorithms and multi-agent collaborative management, promote communication between people from different departments, establish a risk project database on the big data platform, and include more risk factors to make application of the risk matrix more intelligent and precise.