Risk Analysis

Why

All things that can go wrong, will - eventually. To avoid or mitigate risks, it’s useful to understand what can go wrong, how likely this is, and what the consequences will be.

How

Assemble an experienced group of people. Identify risks, estimate their probability of occurrence, and estimate the consequences. If viable, take actions to avoid risks or mitigate the consequences. Check if safety regulations, laws, or standards are applicable in the context of the project.

Ingredients

• The ability to be extremely pessimistic.

• A group of experienced people to help.

• Willingness and ability to see specific threats.

Practice

Risk analysis is done for projects, processes, constructions, etc.; it’s common practice with complex projects. Risk Analysis is often used as input for improving the design of a product or a process.