Comparison of Different Methods to Design Risk Matrices from The Perspective of Applicability

Abstract The design of risk matrices is a topic that has not reached a consensus, although risk matrices are widely used in practice. Several methods have been proposed to help design risk matrices. However, all the methods seem to have their own advantages, and it is difficult for the decision makers to choose one. In this paper, we compare two different risk matrix design methods from the perspective of applicability. Specifically, we give three detailed scenarios where different settings of the risk matrices are given, and then compare the performance of the methods. Results show that both the two methods have their own advantages, but they will fail to give an effect design sometimes.