Risk analysis is performed to comprehend the nature of risks and their characteristics, which is the foundation of a successful risk program.
Qualitative Risk Analysis
A technique used to identify the impact and probability of a risk occurring. The result is a risk score based on industry standard risk heat map.
RAP calculates risk scores for each risk entity, risk category and elements, and rolls them up to a portfolio risk score.
Depending on the phase of the risk entity, such as a project phase or asset life stage, RAP incorporates the dimension of time for calculating a current risk score.
Simulation Risk Analysis
A technique based on conducting Monte Carlo simulations with critical data such as a project schedule or asset history.
RAP connects the categories at risk to the schedule activities and assigns statistical distribution weights for simulation.
A simulation is performed to determine the probabilistic outcomes of a project schedule and budget.
Make better informed decisions using the histograms, criticality and sensitivity analysis reports.
Quantitative Risk Analysis
A technique to further analyze the highest priority risks during which a quantitative rating is assigned to risk events in the risk register.
RAP automates the process of creating the risk register as risk assessments are performed.
The register is loaded with inputs from the qualitative and simulation analysis to identify risk events and drivers and assign mitigation actions.
