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