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Asset Risk Management: Issues in the Design and Use of the Risk Matrix

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Engineering Asset Management and Infrastructure Sustainability

Abstract

Within the profession of asset management many practitioners use a risk matrix in order to prioritize attention. As a risk matrix is an expression of the value system, each organization has own version: there is no universal truth. However, in developing such a custom made matrix, many things may go wrong. Wrong in this sense is that the decisions made with the matrix are not generally perceived as being good decisions. This is often due to errors in the design of the matrix, and misconceptions about its use. In this paper, guidelines for the correct design and use of a risk matrix will be presented and report on some common errors found in the asset risk management practice will be given.

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Acknowledgments

This research has been sponsored by the Next Generation Infrastructure Foundation.

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Authors and Affiliations

  1. Faculty of Technology, Policy and Management, Delft University of Technology, Jaffalaan 5, 2628 BX, Delft, The Netherlands

    Ype Wijnia

  2. D-Cision bv, PO Box 44, 8000 AA, Zwolle, The Netherlands

    Ype Wijnia

Authors
  1. Ype Wijnia
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Editor information

Editors and Affiliations

  1. Queensland University of Technology, Bardolph Place 10, Sunnybank Hills, 4109, Australia

    Joseph Mathew

  2. , Electrical & Electronic Engineering, Nanyang Technological University, Nanyang Avenue, Singapore, 639798, Singapore

    Lin Ma

  3. Queensland University of Technology, Arrabri Av 192, Mt Ommaney, 4074, Australia

    Andy Tan

  4. Delft University of Technology, Gerard Brandtstraat 107, Leiden, 2332 AK, Netherlands

    Margot Weijnen

  5. University of Cincinnati, Saint Andrews Court 3939, Mason, 45040, USA

    Jay Lee

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© 2012 Springer-Verlag London Limited

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Wijnia, Y. (2012). Asset Risk Management: Issues in the Design and Use of the Risk Matrix. In: Mathew, J., Ma, L., Tan, A., Weijnen, M., Lee, J. (eds) Engineering Asset Management and Infrastructure Sustainability. Springer, London. https://doi.org/10.1007/978-0-85729-493-7_81

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  • DOI: https://doi.org/10.1007/978-0-85729-493-7_81

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  • Publisher Name: Springer, London

  • Print ISBN: 978-0-85729-301-5

  • Online ISBN: 978-0-85729-493-7

  • eBook Packages: EngineeringEngineering (R0)

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