Risk Ranking Reversals and Classification Ranking Reversals in Risk Matrices
Abstract: The risk matrix may appear to be a simple and effective tool that is commonly used to provide an overview of risk. Previous research indicates that risk matrices contain many weaknesses which may impact the outcome of risk assessment. This thesis gives examples of strengths and weaknesses of risk matrices with focus on several types of risk ranking reversals, specifically classification ranking reversals. The constructor and the user of a risk matrix should be aware of the implications that risk ranking reversals may cause, and that these cannot be easily mitigated.
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