What is the difference between a risk breakdown structure and a risk matrix?

Risk breakdown structure in project management is a hierarchical framework that PMs use to identify, organize, and categorize potential risks in a specific project. Conversely, a risk matrix is a visualization tool that is used to assess and prioritize risks according to their likelihood and their potential impact.

Why is the risk breakdown structure important?

The RBS provides a standardized and straightforward means of risk identification, making it a crucial part of project management. It also helps drive communications amongst teammates, aids risk mitigation strategies, and facilitates the tracking of risks throughout the project life cycle.

One of the most common project risks, scope creep occurs when the project’s original scope evolves beyond that of what was originally agreed upon at the beginning of the project. Scope creep generally happens slowly over the entire course of the project, making it hard to detect for inexperienced or novice PMs.

Contributing Writer

About
Recent Articles

Expertise

Project Management
Network Security
Data Storage
SEO/SEM
Content Development

Education

Muskegon Community College, Computer Networking

Favorite Technology

Desktop computers are the best thing to ever happen to modern technology. Sure, laptops and smartphones let you bring everything on-the-go, but these devices can’t really match the processing power or the customizability of today’s desktop computers.