Improved Definition for Use of Risk Matrices in Project Development Open Access
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Improved Definition for use of Risk Matrices in Project DevelopmentRisk matrices are used routinely to display and track risk for development activities ranging from construction to spacecraft mission development. Discussions of the risk matrix in the literature have focused principally on how to display static data, i.e., risk at a given point in time, to display individual risks, and how to establish a risk review process to obtain consistent measures. However, risk matrices have been applied inconsistently resulting in ambiguity in the assessment and communication of risk and several fundamental issues have been raised regarding the basis for the use of risk matrices. This study will develop a methodology to address many of these issues and improve the risk matrix procedure while maintaining its structure. This methodology proposed is based on rigorous techniques to address the uncertainty of the risks assessed and the ability to track the magnitude and uncertainty of these risks over time. Two NASA missions, Glory and the Suomi National Polar-orbiting Partnership (NPP), will be used to demonstrate the value of the proposed methodology.