Section 7 Risk Analysis Flashcards
Techniques for Risk Analysis
qualitative
quantitative
semiquantitative (using qualitative scales with assigned values)
This method uses numerical rating scales for consequence and probability and combines them to produce a level of risk using a formula
semiquantitative risk analysis
In Qualitatively Risk Analysis: How to increase the chances of reproducability and repeatability?
Use Explanatory Notes
(e.g., explaining thet X avalue is high because of Y or Z reasons)
This type of analysis can provide the benefits of both quantitative and qualitative risk analyses.
Semi-quantitative analysi
True or False: A purely quantitative risk analysis may not always be possible or advisable and why?
True: Some of the reasons for this include insufficient information about the system or the activity being analyzed, lack of data, biases, assumptions, or beliefs of those involved.
Furthermore, the outcome of the quantitative results may not always be clear and may require interpretation and explanation, particularly to explain the assumptions and constraints on using the results.
What is the objective or risk analysis?
Risk analysis has the objective to determine the level of the risk
What is risk analysis?
Process to comprehend the nature of risk and to determine the level of risk.
Why is risk analysis important?
It helps you make smart decisions by looking at potential problems and deciding how to deal with them. It’s like being prepared for rain by bringing an umbrella, so you can still enjoy your picnic.
How can risk analysis be influenced?
Risk analysis can be influenced by various factors, including divergence, opinion, biases, perceptions of risk, and judgment.
What elements should be considered when assessing potential consequences?
Estimation of impact,
perception of severity (e.g., in monetary terms), and recovery costs (internal vs. external).
