Limitations of Risk Assessment Using Risk Matrices

Louis Anthony Cox ()
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Louis Anthony Cox: Cox Associates

Chapter Chapter 4 in Risk Analysis of Complex and Uncertain Systems, 2009, pp 101-124 from Springer

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.

Keywords: Risk Management; Risk Aversion; Risk Attitude; Priority Level; Green Cell (search for similar items in EconPapers)
Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:spr:isochp:978-0-387-89014-2_4

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DOI: 10.1007/978-0-387-89014-2_4

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