Creating Risk Consequences—Exercises

Basic Data Setup

Entering Risk Evaluation Basic Data

Purpose: The purpose of this exercise is to set up the basic data required for running this particular functionality.

Windows:
Risk Basic Data

  1. Enter risk evaluation basic data.

General exercise for Entering Risk Evaluation Basic Data

Required Data

Creating Potential Problems

Purpose: The purpose of this exercise is to show you the required data that is used in the exercises below.

  1. Create a parent potential problem.

General exercise for Creating Risk Potential Problems

Main Exercise

Purpose: The purpose of this exercise is to create Risk Consequences.

Windows:
Risk Analysis Navigator/Consequence List
 Risk Consequences
 Risk Consequence

Creating Risk Consequences

  1. Open the Risk Analysis Navigator window and click the Consequence List tab.
  2. Navigate to and select the problem node for the risk analysis to add a consequence.
  3. Click New to create a new record. A default value for Consequence Ref will appear for this record, which can be modified if required, to change the display sequence.
  4. In the Consequence Description field, enter a description of the effect that may occur. A value for this field is required.
  5. In the Probability Percentage field, enter the expected probability of a consequence happening or else select the Probability Level ID from the List of Values.

  6. For the Cost Impact estimate, enter either the estimated cost values (Min, Most Likely and Max for the 3-Point Analysis method and Most Likely alone for the Single Point Analysis Method) or choose an Impact Level from the List of Values. A value for Total Base Cost must exist before any cost values or cost impact level can be set.

  7. For the Time Delay estimate, enter the estimated time delays (Min, Most Likely and Max for the 3-Point Analysis method and Most Likely alone for the Single Point Analysis Method).
  8. Save the record.
  9. Observe the Calculated Cost Estimate to be the product of the Total Base Cost multiplied by the cost value fraction of the selected impact level.
  10. Observe the Calculated Time Delay to be the Most Likely Time Delay in the case of the Single Point analysis method and the weighted average of the time delay estimates in the case of the 3-Point analysis method.
  11. Observe the Risk Severity Rating to be the product of the probability weighting and the impact weighting.
  12. Observe that a Risk Assessment Level corresponding to the Risk Severity Rating is retrieved.
  13. Repeat steps 3 through 9 to create multiple risk consequences.

Note: You can also use the Risk Consequences or Risk Consequence windows to perform this exercise in which case the relevant parent records, Analysis ID and Problem ID, must be selected. Field entry rules are the same as those defined for the Risk Analysis Navigator window.