Risk analysis (engineering) 1776058 223878964 2008-07-06T08:44:44Z Kyle the bot 3115531 robot Adding: [[fr:Cindynique]], [[ja:リスク分析]] '''Risk analysis''' is the [[science]] of [[risk]]s and their probability and evaluation. The term '''cindynics''' (from the [[Greek language|Greek]] ''kindunos'', "danger") has been proposed for this field. This term is used in France, but has not been widely adopted in the English-speaking world. [[Probabilistic risk assessment]] is the analysis strategy usually employed in science and engineering. ==Risk analysis and the risk workshop== As part of the [[risk management]] process [[risk analysis]] for each [[project]] should be performed. The data of which would be based on risk discussion workshops to identify potential issues and risks ahead of time before these were to pose cost and/ or schedule negative impacts (see the article on [[Cost contingency]] for a discussion of the estimation of cost impacts). The [[risk]] workshops should be chaired by a small group ideally between 6 to 10 individuals from the various departmental functions (e.g. project manager, [[construction]] manager, site superintendent, and representatives from operations, procurement, [project] controls, etc.) so as to cover every risk element from different perspectives. The outcome of the [[risk analysis]] would be the creation/ review of the risk register to identify and quantify risk elements to the [[project]] and their potential impact. Given that [[risk management]] is a continuous and iterative process, the risk workshop members would regroup on at regular intervals and project milestones to review the risk register mitigation plans, make changes to it as appropriate and following those changes re-run the risk model. By constantly monitoring risks these can be successfully mitigated resulting in a cost and schedule savings with a positive impact on the project. ==See also== *[[Actuarial science]] *[[Benefit risk]] *[[Cost risk]] *[[Optimism bias]] *[[Project management]] *[[Reference class forecasting]] ===Software=== Probabilistic modeling tools: * [http://www.lumenaut.com/montecarlo.htm Monte Carlo Simulation Tool for Excel] by Lumenaut * [http://www.decisioneering.com/ Monte Carlo Simulation Tool for Excel] by Decisioneering * [http://www.palisade.com Monte Carlo Simulation Tool for Excel] by Palisade * [http://www.investsign-home.com Monte Carlo Simulation for Project Planning] by InvestSign * [http://www.goldsim.com GoldSim] ([http://www.goldsim.com/Content.asp?PageID=25 Monte Carlo Simulation for Engineered, Natural, Financial, and Reliability Systems]) by GoldSim Technology Group * [http://www.pertmaster.com/ Monte Carlo Simulation and Risk Registry for Project Risk Analysis] by Primavera Systems, Inc. ==External links== * [http://www.hcra.harvard.edu/ Harvard Center for Risk Analysis] * [http://www.cindynics.org Institut Europeen des Cindyniques] * [http://www.sys.virginia.edu/risk/ Center for Risk Management of Engineering Systems, University of Virginia] * [http://www.solver.com/risk-analysis/ Risk Analysis Overview and Tutorial - solver.com] [[Category:Risk analysis| ]] [[Category:Risk]] [[fr:Cindynique]] [[ja:リスク分析]]