Dear Causal Capital, we have been reading the ISO 31010 guideline on a Markov Matrix in section B.24 of the risk assessment techniques guideline and the concept is a touch abstract to understand. Do you have an example on where this risk analysis technique can be used to improve decision making in the business, something that goes beyond just Risk Assessment from a Risk Management perspective.
Okay, in this short blog we’ll take a quick look.
Perhaps we should begin with what a Markov Matrix is not and with that, it must be stated that a Markov Matrix has…
