A risk matrix is a visual tool that helps project managers identify and assess potential project risks by evaluating their likelihood and impact. It allows them to create an actionable risk mitigation plan beforehand and ensure smoother project execution.
Risks in project management can be categorized into different types such as technical risks, operational risks, costs & schedule risks, reputational risks and more. By using a risk matrix, project managers can pinpoint high-priority risks which need to be tackled proactively.
