Entering Risk Evaluation Basic Data—Exercises
Main Exercise
Purpose: The purpose of these exercises is to enter risk
evaluation basic
data.
Windows:
Risk Basic Data
- Open the
Risk Basic Data window, and click the
Risk Default Settings tab.
- In the Analysis Method field, select either Single Point Analysis
or 3-Point Analysis. This will be the default analysis method given to newly
created risk analyses.
- In the Analysis Max Weight Factor field, enter the weight factor
for the maximum cost estimate. This value is used to calculate the
Calculated Cost Estimate if 3-Point analysis is used.
- In the Analysis Min Weight Factor field, enter the weight factor
for the minimum cost estimate. This value is used to calculate the
Calculated Cost Estimate if 3-Point analysis is used.
- In the Analysis Nor Weight Factor field, enter the weight factor
for the most likely (normal) cost estimate. This value is used to calculate
the Calculated Cost Estimate, if 3-Point analysis is used.
- In the Review Period (Weeks) field, enter the default period
between assessments of risk analyses. This will be the default review period
given to newly created risk analyses.
- In the Time Unit field, enter the default time unit used for time
delays entered on risk consequences.
- In the Week Day Conversion field, enter the conversion for weeks
to days. For example a value of 5 means that 1 week is converted to 5 days.
This conversion is used to calculate net potential delay when the Time Unit
is weeks.
- Save the record.
- Open the
Risk Basic Data window, and click the
Probability tab.
- Create a new record.
- In the Probability Level ID field, enter a number for an ID that
the probability record should take.
- In the Probability Min field, enter the minimum value for the
probability level.
- In the Probability Max field, enter the maximum value for the
probability level.
- In the Probability Level field, enter a description of what level
the probability level ID represents. (e.g. Very Low, Low, Moderate, High,
Very High)
- In the Probability Weighting field, enter a value that the
probability record should take.
- Save the record.
- Repeat steps 2 through 8 to create multiple probability levels.
- Open the
Risk Basic Data window, and click the
Impact Levels tab.
- Create a new record.
- In the Impact Level field, enter a description of the level you
want to add. (e.g. Very Low, Low, Medium, High, Very High)
- In the Impact Weighting field, enter a value that the impact
level record should take. This adds a numerical value to the impact level
record which can be used with the Probability Weighting in
calculations.
- In the Cost Value Fraction field, enter a value for the
measurement of the impact against the total contract or project value. This
value is used to work out how serious the impact may be based on the
relative impact.
- Save the record.
- Repeat steps 2 through 6 to create multiple impact levels.
- Open the
Risk Basic Data window, and click the
Risk Assessment Levels tab.
- Create a new record.
- In the Risk Assessment Level ID field, enter a number that you
want to assign as the ID for the particular record.
- In the Risk Severity Rating Min field, enter a value that the risk assessment
level record should take.
- In the Risk Assessment Level field, enter a description for the
level you want to add. (e.g. Trivial, Minor, Moderate, Important, Serious,
Critical)
- Save the record.
- Repeat steps 2 through 6 to create multiple assessment levels.