In a typical risk matrix, which two dimensions are used to rate risk?

In a typical risk matrix, which two dimensions are used to rate risk?

• A. Likelihood and consequence.
• B. Cost and duration.
• C. Department and location.
• D. Strength and speed.

Answer: (A)

The main idea is that risk matrices evaluate risk by two factors: how likely the event is to occur and how severe the impact would be if it does. In practice, you rate the probability (likelihood) of the risk happening and the consequence (impact) if it does, then combine those two dimensions to assign an overall risk level. This helps prioritize which risks need attention. Other options aren’t used to rate risk in a matrix. Cost and duration are project metrics, not how likely or how damaging a risk is. Department and location are just attributes of where or who is involved, not the potential effect of the risk. Strength and speed don’t describe the likelihood or impact of a risk. So, the two dimensions used to rate risk are likelihood (probability of occurrence) and consequence (impact if it occurs).

The main idea is that risk matrices evaluate risk by two factors: how likely the event is to occur and how severe the impact would be if it does. In practice, you rate the probability (likelihood) of the risk happening and the consequence (impact) if it does, then combine those two dimensions to assign an overall risk level. This helps prioritize which risks need attention.

Other options aren’t used to rate risk in a matrix. Cost and duration are project metrics, not how likely or how damaging a risk is. Department and location are just attributes of where or who is involved, not the potential effect of the risk. Strength and speed don’t describe the likelihood or impact of a risk.

So, the two dimensions used to rate risk are likelihood (probability of occurrence) and consequence (impact if it occurs).