Risk management is a key aspect of any organisation. In this case study video I'll explain how to create a risk matrix in Power BI.
Most maintenance departments have a risk matrix which is used to determine the risk presented by equipment defects. Not all defects are equal. Some can have a significant impact on our business while other are no risk at all. The likelihood of defect equipment causing a business impact is also different, ranking from certain to very unlikely to happen.
We need to use a risk matrix to allow us to understand what activities we need to focus on next. We need to make sure were are work on the right activities e.g. those that are likely to cause a significant impact on our business. The actions we take could be applying some mitigation or hopefully fixing any defects that causing the increased risk.
Representing the number of risks on a matrix in Power BI can allow you to visually display the risk profile of your outstanding equipment defects.
However the same approach can be used for corporate risk management and also project risk management, you can just adapt the overall approach as necessary when using the Synoptic Panel to build the risk matrix.