Risk quantification
RiskTree can perform Monte Carlo analysis of risks where additional information can be provided, leading to a more detailed analysis of risk.
Enabling the risk quantification function
The information required for the risk quantification function is added using metadata. Go to the Settings menu, and click on the Functionality tab. On this tab, click on the Enable quantitative assessment of risks checkbox, and then the Update button. This will add the necessary metadata fields to the system so that the quantitative information can be applied to end nodes.
Once the risk quantification functionality has been enabled, it cannot be disabled. This is to prevent the data from being accidentally deleted from risks.
Applying quantification information to risks
Quantification information can only be applied to end nodes, as these represent the risks. To apply the information to a risk, open the node menu and select . This will open the metadata entry box.
| The node menu showing the metadata option | The metadata entry box |
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All three pieces of information are required in order for the risk quantification to be calculated. Click on the blue button to set the values. Probability is set using a slider from 0% to 100%; the upper and lower confidence bounds are entered numerically, and represent currency. Click on the green button to confirm the value. Once all of the values have been entered, click on the Close button.
Coverage
You do not need to provide quantitative information for every risk in your RiskTree. You might decide to provide the information for a single branch that you want to examine in more detail, or you might have already used the tree in a risk assessment report, and want to calculate the risk quantification for just the highest risks.