The Impact Matrix

Modified on Tue, 11 Jun 2024 at 04:33 PM

Effective risk assessment is crucial for successful project outcomes. An impact matrix view offers numerous advantages, particularly for those engaged in risk management and senior leadership positions. It provides a user-friendly overview of an organisation's impacts, aiding in informed decisions on impact mitigation strategies.

By categorising and assessing the severity of impacts, the matrix facilitates prioritisation. This ensures that attention and resources are directed towards addressing the most critical risks and dependencies, minimising potential disruptions to project timelines. The visual representation of impacts fosters better communication among team members and stakeholders. It becomes easier to discuss and share insights about potential risks, issues, or changes, enhancing collaboration across different departments. Regular reviews of the matrix allow teams to adapt their strategies as new information emerges or project conditions change.

Project impacts appear on the impact matrix by first utilising the impact, probability and risk rating management Fluid provides, to weigh your projects with risk scores - calculated by factoring your impacts probability and impact scores. If you would like a recap on how to setup your risk, probability and risk ratings, see this article

The Impact Matrix Dashboard

The impact matrix dashboard features an impact matrix and RAG by risk scores, as well as a list view of all risks being represented in the charts. 

First we'll talk to the risk matrix itself - a risk matrix is a tool designed to help comprehend the risks an organisation faces, along with their probability and impact, presented visually. Its structure involves a 5x5 grid illustrating the probability on the Y axis and the impact of on the X axis. Each axis operates on a scale ranging from very low to very high, positioning the organisation's impacts accordingly and facilitating impact prioritisation. The impact matrix also incorporates a colour-coded system to further highlight risk levels—green for low risk, yellow or orange for medium, and red for high, simplifying impact comprehension through a traffic light system.

From the impact matrix chart, you can drill into the particular tile that you're interested in - most likely the items scoring high in both probability and in impact.  This will filter the view in your RAG by Risk Scores chart and also filter the list of promoted project impacts to focus in on what matters to you. 

To clear filters on the dashboard, hit refresh in the impact matrix chart. 

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