Define Probabilities

Explanation

This activity is used to establish probability levels and associated values to evaluate Risk Analyzes.

Risk is the combination of probability and the impact of a particular effect.

Probabilities encompass a probability level ID, a probability level which describes what level is represented by the ID (e.g. Very Low, Low), probability min and probability max which are the starting percentages and ending percentages respectively, assigned to each probability level and the probability weighting which is a numerical value between the probability min and probability max.

Prerequisites

None

System Effects

• When adding a new record the probability min of the second record will by default appear as the highest value of probability max +1.
• When adding a new record, if the probability weighting flied is left blank, on saving this field inherits a value that is the closest integer to the average of the probability max and probability min in that record.
• The probabilities are based on percentages and are measured as integers. It will not be possible to enter probabilities with decimal places.
• Defined probability levels are available in the Lists of Values where probabilities are applicable.

Window

Risk Basic Data

Related Window Descriptions

Risk Basic Data/Probability

Procedure

Use the following procedure to create a probability record:

1. Open the Risk Basic Data window, and select the Probability tab.
2. Click New (F5) to create a new record.
3. In the Probability Level ID field, enter an number for an ID that the probability record should take.
4. In the Probability Min field, enter the minimum value for the probability level.
5. In the Probability Max field, enter the maximum value for the probability level.
6. In the Probability Level field, enter a description of what level the probability level ID represents. (e.g. Very Low, Low, Moderate, High, Very High)
7. In the Probability Weighting field, enter a value that the probability record should take.
8. Click Save.