Risk Analysis Methods

Start with the terms

The Risk Analysis flashcards are a starting point for the language used across this topic. They ask for definitions of failure, hazard, accident, consequences and severities. Working through these terms can prepare you to read the more detailed mind maps.

Next, look at Risk and Reliability. Its map brings likelihood and consequences together and asks what can go wrong, how likely it is and what the consequences are. These questions offer a way to organize your reading of the other resources.

Follow the analysis methods

Failure Tracing Methodologies introduces fault tree and event tree analysis. For a closer look at fault trees, the Fault Tree Analysis map shows how to identify an undesirable top event, find contributing events and link them with logic gates.

The HAZOP mind map describes a sequence that includes identifying risk and damage, assessing probability without safeguards, evaluating risk and assessing it with safeguards in place. Quantitative Risk Analysis covers decision trees, simulation and sensitivity analysis. There is also a mind map on workarounds and quantitative risks.

Use maps and questions together

After studying a map, try explaining its terms and steps without looking at it. You can use the flashcards for definitions, then turn points from a map into questions of your own. A free GoConqr account lets you make quizzes, mind maps, flashcards and notes, and saves your quiz scores.

Place the topic in the unit

Risk Analysis Methods is one section of Project and Risk Management, in Industrial engineering and quality. Use the topic resources to follow the methods and terminology before returning to the wider unit.

Choose a map and use it to make a short set of practice questions.