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Risk Management

Risk Management

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Some Methodologies For Risk Assessment


Failure Mode and Effects Analysis: Examines each potential failure condition
in a system to determine the severity of the impact to the system.

HAZOP (Hazard and Operability): Examines process and engineering intentions
to assess the potential hazards that can arise from deviations from design
specifications.

Historical Analysis: Examines frequency of past incidents to determine the
probability of a condition recurring.

Human-Error Analysis: Examines the possible impact of human intervention and
error on a system.

Probabilistic Risk Assessment: Examines the probability that a combination
of events will lead to a particular condition.

Tree Analysis: A family of analysis methods, such as event tree, attack
tree, management-oversight tree and fault tree, that focuses on processes or
a sequence of events that may lead to a particular condition.


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