What is Risk Matrix ? Risk Matrix is an illustration to show the organization risk apatite, and draw the border line (threshold) between risk levels. The green area is where you want your risk to be eventually.
so… risk matrix in the context of this post is a reporting tool.
Sometime the risk matrix is defined as a tool to evaluate risk… and that is a dangerous thing to do, see here
Introduction One day you waked up and decided to solve all the issue in your plants -which is a good thing to do in the morning- you opened the production system and sort out all the big issues, you found out that there are many of these issues, so the next logical step is to select the biggest one of these many issues. One of the ways to do that is a Pareto chart, where we want to find the 20% of the causes that create the 80 of the effect -losses in our case- I’ll claim that there are better ways to find and visualize the bad actors, but first let’s try the Pareto chart.
What is the Reliability Growth? Background The Reliability Growth Analysis (RGA) is an analytical tool used to assess the change in the reliability of equipment, system or a plant. The output of the analysis is given as:-
Trend showing the reliability change in terms of time(cycle, Km, ) on the X-axis and failure rate (or MTBF since it’s the inverse of failure rate) on the Y-axis.