Suppose an engineering risk management team decided to use a 5x5 risk matrix (sh

Question

Suppose an engineering risk management team decided to use a 5x5 risk matrix (shown right) as the protocol for binning identified risk events and determining their priority rank order. Suppose the team is strictly probability averse for all risk events with an assessed probability level of 4 or 5; however, thereafter suppose the team shift’s to being strictly impact (consequence) averse for all other risk events with an assessed probability level less than 4. Given this team’s risk attitude, label the 25 cells in the 5x5 risk matrix such that the cell labeled with the number 1 contains risk events with the highest rank order, the cell labeled with the number 2 contains risk events with the next highest rank order, and so forth until the last cell labeled with the number 25 contains risk events with the lowest rank order.

level of probability

Impact level

1,5 2,5 3,5 4,5 5,5 1,4 2,4 3,4 4,4 5,4 1,3 2,3 3,3 4,3 5,3 1,2 2,2 3,2 4,2 5,2 1,1 2,1 3,1 4,1 5,1

Explanation / Answer

Level of probability

Impact level

Here, LIkelihood is on Y-axis, while Severity is plotted on the X-axis.

Since the team is strictly probability averse for all risk events with an assessed probability level of 4 or 5, the first ten ranks will be allotted row wise, right to left, on first two rows.

Thereafter the team shift’s to being strictly impact (consequence) averse for all other risk events with an assessed probability level less than 4; therefore ranks 11 till 25 are arranged in all five column, excluding the first two elements in each; in decreasing level of danger, from top to bottom, THEN right to left.

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5 4 3 2 1 10 9 8 7 6 23 20 17 14 11 24 21 18 15 12 25 22 19 16 13

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