Risk Management Software

Risk Management Software: Risk Assessment

Risk Assessment is the process of determination the probability of occurrence of an uncertainty and the impact in case of occurrence of an uncertainty.
Since you can choose in RiskDecision between qualitative and quantitative risk assessment, there are two different ways of risk assessment.

Qualitative Risk Assessment

In qualitative risk assessment you can determine probability and impact of an uncertainty in a graph by moving a little square within the frame of minimum and maximum probability and impact. Qualitative risk assessment attributes are Zero (0), Low (L), Medium (M), and High (H).
qualitative risk assessment

Quantitative Risk Assessment

Quantitative risk assessment is done by entering the specific values for Probability and Impact. Probability of Occurrence is define by a percentage. To assess the impact the user can choose between four distribution types:
  • Single Value
  • Uniform or Rectangular Distribution which is a range between of two values.
  • Triangular Distribution which is characterised by a minimum value, a most probable value, and a maximum value.
  • Normal or Gauss Distribution which shows the Mean and the Standard Deviation.
Of course, one could define more distribution types. But we should not forget that we are concerned with estimations and above distribution types should approximate the most important other distributions.
quantitative risk assessment