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Limitations of Risk Assessment Using Risk Matrices

In: Risk Analysis of Complex and Uncertain Systems

Author

Listed:
  • Louis Anthony Cox

    (Cox Associates)

Abstract

This chapter focuses on the use and abuse of risk matrices – tables mapping “frequency” and “severity” ratings to corresponding risk priority levels. Such matrices have become very popular in applications as diverse as terrorism risk analysis, highway construction project management, office building risk analysis, climate change risk management, and enterprise risk management (ERM). Their use is now so widespread in important applications that it is worth devoting an entire chapter to understanding the main concepts – and limitations – of risk matrices as a framework for practical risk analysis.

Suggested Citation

  • Louis Anthony Cox, 2009. "Limitations of Risk Assessment Using Risk Matrices," International Series in Operations Research & Management Science, in: Risk Analysis of Complex and Uncertain Systems, chapter 0, pages 101-124, Springer.
    • Handle: RePEc:spr:isochp:978-0-387-89014-2_4
    DOI: 10.1007/978-0-387-89014-2_4
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