Semi-Quantitative Risk Matrix Analysis

Semi-quantitative risk matrix analysis rates each risk on ordinal likelihood and consequence scales and combines the two in a grid to assign a risk level that drives prioritization. It is the workhorse of practical risk management: ISO/IEC 31010 lists the consequence-likelihood matrix among its standard techniques precisely because it lets analysts compare many disparate risks quickly without the data demands of a full quantitative model. The 'semi-quantitative' label captures its hybrid character — ordinal categories such as 'rare' or 'catastrophic' are anchored to rough numeric bands, giving more discipline than a purely verbal judgment but far less than a probabilistic calculation. The method's popularity is matched by sharp critique: L. A. Cox's 2008 analysis in Risk Analysis showed that poorly designed matrices can rank risks incorrectly, compress very different risks into the same cell, and even perform worse than random, making careful scale design and consistency checks essential rather than optional.