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Inherent Flaws in Risk Matrices May Preclude Them From Being Best Practices.

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Bibliographic Details
Title:	Inherent Flaws in Risk Matrices May Preclude Them From Being Best Practices.
Authors:	Thomas, Philip¹, Bratvold, Reidar B.¹, Bickel, J. Eric²
Source:	Journal of Petroleum Technology. Aug2014, Vol. 66 Issue 8, p106-111. 3p.
Subjects:	Risk assessment, Petroleum industry, Loss control, Risk exposure, Due diligence
Abstract:	The article focuses on risk matrices (RMs) that are the more commonly used tools for risk prioritization and management in the oil and gas industry. It is noted that a graphical presentation of the likelihood, or probability, of an outcome and the consequence should that outcome occur is an RM. It is mentioned that green, yellow, and red-colored cells are present in RMs.
Database:	Engineering Source

Description
Abstract:	The article focuses on risk matrices (RMs) that are the more commonly used tools for risk prioritization and management in the oil and gas industry. It is noted that a graphical presentation of the likelihood, or probability, of an outcome and the consequence should that outcome occur is an RM. It is mentioned that green, yellow, and red-colored cells are present in RMs.
ISSN:	01492136