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What is a Risk Matrix in 3 Minutes

A risk matrix is a simple visual tool used in project management and lean six sigma. One axis of the risk matrix is "Likelihood" and the other axis is "Impact." To use a risk matrix, follow these steps: 1. Brainstorm risks around a project, issue, or business. 2. Place those risks on the risk matrix, based on their likelihood and impact-if-risk-happens. 3. Prioritize making plans to reduce the likelihood and/or the impact of the risks that are most likely and most severe. 4. Review the matrix periodically to reposition risks or add new ones. This is a short lesson that I teach in James Madison University's Foundations of Project Management and Team Communication non-credit certificate program. It's open to anyone and is a great way for individuals to learn the basics of waterfall, agile, and lean six sigma - and a great way for members of a team (who take it together1) to create shared language around using tools like the risk matrix. Course info is here: https://www.jmu.edu/pce/programs/all/...