Risk analysis is analyzing, examining adverse states, hazards that can be with a given probability set and cause us harm. Analysis looking for the most significant risks, which need appropriate actions to eliminate or completely prevent of their origin, if possible.

Risk analysis is mostly associated with the project management. Projects introduces new changes into practice. Projects are never without risk. Risks that may cause the project will not achieve the set objectives or if the major financial, capacitive losses etc ...

For each risk is calculated significance degree of risk:

The Significance degree = Impact of risk * Probability of risk

Impacts are assessed scale of 1-5, from negligible impact (1) up to the crisis (5). Similarly, the probability of occurrence is assessed from impossible (1) to a certain (5). Using such evaluation give magnitude of the risk matrix, where the risks are divided into:

  • Low - <12
  • Medium - 12 and <16
  • High -> 16

Subsequently, it is necessary to find the corrective actions to eliminate high risks.

Risk analysis is an integral part of Risk Management. Risk assessments are also dealt with:

  • Event Tree Analysis ETA
  • Analysis of of failure states FTA
  • Hazard analysis PHA
  • The danger and operability study HAZOP
  • Hazard Analysis and Critical Control Points HACCP
  • Analysis of the possible occurrence and impact of defects FMEA

More you can find - risk analysis.