A risk matrix helps organizations identify risks with equipment failures, and helps prioritize those risks as levels by estimating the probability of occurrence and the severity of impact if the failures occur. It is a visual representation defined by (equipment failure) consequence categories, consequences, probabilities, and risk levels for the equipment.
It is a component of the reliability centered maintenance (RCM) process which enables users to view the risk assessment and risk analysis for equipment in a hierarchy.
See probability, risk analysis, consequence category, and consequence.