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Analysis and risk assessment

Risk analysis - procedures of identification of factors of risks and assessment of their importance, in fact, the analysis of probability that there will be certain undesirable events and will negatively influence achievement of the goals of the project. Risk analysis includes risks assessment and methods of risk reduction or reduction of the related adverse effects.

Risks assessment is determination by a quantitative or qualitative method of the size (degree) of risks.

The American expert B. Berlimer suggested to use some assumptions in the analysis:

  • Losses are regardless of risk from each other.
  • Loss on one activity not necessarily increases loss probability on another (except for force majeur circumstances).
  • The greatest possible damage should not exceed financial opportunities of the participant.

Risk analysis can be subdivided into two views mutually supplementing each other: qualitative and quantitative. Qualitative analysis aims to define (to identify) factors, areas and types of risks. Quantitative risk analysis has to give the chance in number to determine the extent of separate risks and risk of the enterprise in general.

The final results of qualitative risk analysis, in turn, serve as initial information for carrying out quantitative analysis.

However implementation of quantitative assessment meets also the greatest difficulties, connected with the fact that for quantitative risks assessment the relevant initial information is necessary.