Watch the recording of a live debate between J.D. Solomon and Alex Sidorenko on whether risk matrices/heat maps have a place in risk management or should they be avoided like plague.
J.D.Solomon argued that risk matrices are the “gold standard” for risk analysis in most industries and all of those people cannot be wrong. Risk matrices can be improved and a few tips were provided. Qualitative can be just as effective as quantitative approaches. It is all about proper application and communication.
I argued that inherent flaws in the design of heat maps together with the cognitive biases that affect expert opinions are so great, that any use of heat maps is guaranteed to generate incorrect results and hence deceive the decision makers. There is literally nothing we can do to make them usable. J.D. made some good points and I responded to every them, offering a better alternative.