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Business Criticality Matrix

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Publish timeļ¼š05-27-2022

What is a Business Criticality Matrix template?

When mission-critical systems are required for a company's success, they are referred to as business-critical systems. When a mission-critical system fails or is disrupted, businesses may suffer financial losses, customer discontent, and productivity losses.

Criticality analysis is a methodical way to assess possible risks and their ramifications for the business. The criticality analysis contains specified criteria that identify the potential implications, allowing them to be analyzed, classified, and prioritized. Using the specified criteria for each key area of risk, ensuring that all equipment is vaulted with as little emotion as possible.

Benefits of a Business Criticality Matrix template

Improve equipment dependability, availability, and utilization. Make better use of limited resources, such as labor and supplies. Optimize inventory, procurement, and maintenance budgeting decisions in your organization. Advance predictive and preventative maintenance strategies to meet the demands of essential assets while lowering costs. Justification for selected expenditures in anticipatory and condition-based maintenance solutions.

How to create a Business Criticality Matrix template?
Step 1: Determine the qualities you wish to use to evaluate the item.
Step 2: On a scale of 0 to 10, rate each characteristic is important to the firm.
Step 3: To ensure accuracy, define each characteristic's description on the scale. Your asset hierarchy should be listed (or imported).
Step 4: Identify a single-point failure by defining the primary function of each asset. Analyze the impact of a single-point failure on each asset across all parameters.
Step 5: Determine the criticality rating for each asset by dividing the raw score (sum of all attributes) by the total number of weighted points available and multiplying by 100. Determine the top 10-20% of key assets.

Tips for creating a Business Criticality Matrix template
FMECA and FMEA are two techniques used to do a criticality analysis; one is a qualitative tool (FMEA) that evaluates "what-if" scenarios, while the other (FMECA) is a quantitative approach that takes RPNs into account. Download this business criticality matrix diagram template from EdrawMax and start modifying it as per your company's requirements. In addition to this, you can later export your matrix diagram into multiple formats, including different Microsoft formats.
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Business Criticality Matrix