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:
- Open the Risk Basic Data window, and select the
Probability tab.
- Click New (F5) to create a new record.
- In the Probability Level ID field, enter an number for an ID that
the probability record should take.
- In the Probability Min field, enter the minimum value for the
probability level.
- In the Probability Max field, enter the maximum value for the
probability level.
- 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)
- In the Probability Weighting field, enter a value that the
probability record should take.
- Click Save.