Please show all work. Suppose an engineering risk management team decided to use

Question

Please show all work.

Suppose an engineering risk management team decided to use a 5 times 5 risk matrix (shown right) as the protocol for binning identified risk events and determining their priority rank order. Suppose the team is strictly probability averse for all risk events with an assessed probability level of 4 or 5: however, thereafter suppose the team shift's to being strictly impact (consequence) averse for all other risk events with an assessed probability level less than 4. Given this team's risk attitude, label the 25 cells in the 5 times 5 risk matrix such that the cell labeled with the number 1 contains risk events with the highest rank order, the cell labeled with the number 2 contains risk events with the next highest rank order, and so forth until the last cell labeled with the number 25 contains risk events with the lowest rank order.

Explanation / Answer

The given risk matrix uis as follows:

P-Probability level.

C-consequence or impact level

The probability score and the impact score are multiplied together to arrive at the following risk scores:

Now, it is given in the question that

Given the above information(the team will first give importance to score with an assesed probability level 4 or 5 and then the rest is ranked by giving the consequence the priority) we can score the risk matrix given as follows:

P5 1,5 2,5 3,5 4,5 5,5 P4 1,4 2,4 3,4 4,4 5,4 P3 1,3 2,3 3,3 4,3 5,3 P2 1,2 2,2 3,2 4,2 5,2 P1 1,1 2,1 3,1 4,1 5,1 C1 C2 C3 C4 C5

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