Asset Risk Management: Issues in the Design and Use of the Risk Matrix [chapter]

Ype Wijnia
2012 Engineering Asset Management and Infrastructure Sustainability  
Within the profession of asset management many practitioners use a risk matrix in order to prioritize attention. As a risk matrix is an expression of the value system, each organization has own version: there is no universal truth. However, in developing such a custom made matrix, many things may go wrong. Wrong in this sense is that the decisions made with the matrix are not generally perceived as being good decisions. This is often due to errors in the design of the matrix, and misconceptions
more » ... about its use. In this paper, guidelines for the correct design and use of a risk matrix will be presented and report on some common errors found in the asset risk management practice will be given.
doi:10.1007/978-0-85729-493-7_81 fatcat:55s6az56zjcnpkrltdmypkubxm