What is Risk Matrix in SAP SV-ASA - ASAP (AcceleratedSAP)?

SAP Term: Risk Matrix

• Component: SV-ASA

• Component Name: ASAP (AcceleratedSAP)

• Description: In the SAP Review Program, a document presenting each finding of the Review Team in a matrix, in which one axis is "Influence on the project"and the other axis is "Grade of difficulty." There are the following types of risks: High risk - Refers to a significant unresolved or unrecognized issue, with a relatively high probability that a problem will occur unless corrective action is taken. Medium risk - This item will cause problems; however, the potential severity is moderate, the probability of the problem occurring is relatively low, or the issue has been recognized and corrective actions are underway. Low risk - Item is under control, with little concern that problems will arise. No corrective action is required.

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• Key Concepts: 
  Risk Matrix is a component of the SAP AcceleratedSAP (SV-ASA) program. It is a tool used to identify, analyze, and manage risks associated with a project. The Risk Matrix helps to identify potential risks and their associated impacts, as well as the likelihood of those risks occurring. It also helps to prioritize risks and develop strategies for mitigating them. 
  
  How to use it: 
  The Risk Matrix is used to identify potential risks associated with a project. It is composed of two axes: the likelihood of the risk occurring and the impact of the risk if it does occur. The Risk Matrix can be used to identify and prioritize risks, as well as develop strategies for mitigating them. 
  
  Tips & Tricks: 
  When using the Risk Matrix, it is important to consider both the likelihood and impact of each risk. This will help to ensure that all potential risks are identified and prioritized correctly. Additionally, it is important to consider both short-term and long-term impacts when assessing the impact of a risk. 
  
  Related Information: 
  The Risk Matrix is just one component of the SAP AcceleratedSAP (SV-ASA) program. Other components include Project Management, Change Management, Quality Management, and Business Process Reengineering. Additionally, there are several other tools available for managing risks associated with projects, such as Risk Register and Risk Heat Map.