The steps for creating a risk matrix: Define Probability Criteria for an Event. List the different possibilities or likelihoods of an event occurring. These could range from very unlikely to almost certain. You can enter these possibilities in cells C4:G4. If needed, you can also list them in a column. Set Severity Criteria for an Event

What is risk matrix? A risk matrix is also known as a risk diagram. It is a diagram that helps project managers visualize risks before a project starts. The project manager uses a risk assessment matrix template to divide the risks according to how likely they are to occur.

This template includes a Risk Assessment Matrix that you can customize and reference as you list risks or failure modes. The risk score in the table is calculated based on the options you choose in the Matrix worksheet. Conditional formatting is used to color-code the Risk Score.

A risk matrix is used to determine the risk in numbers using the impact and possibility index. Impact, possibility or certainty index can be any ascending or descending number. So first we will need to create a risk matrix …