Define Risk Default Settings

Explanation

This activity is used to define default values for settings used in risk analysis. These default values can be changed as necessary for each risk analysis.

Prerequisites

None

System Effects

• On creation of a new risk analysis the values defined in this tab will be copied by default to the new risk analysis.
• For Single Point Analysis, only one value is used in quantifying the possible impact of a problem and the minimum and maximum fields are disabled.
• For 3-Point Analysis, the value is calculated based on a weighted average of the Minimum, Most Likely and Maximum estimate values.

Window

Risk Basic Data

Related Window Descriptions

Risk Basic Data/Risk Default Settings

Procedure

Use the following procedure to define risk default settings:

1. Open the Risk Basic Data window, and select the Risk Default Settings tab.
2. In the Analysis Method field, select either Single Point Analysis or 3-Point Analysis. This will be the default analysis method given to newly created risk analyses.
3. In the Analysis Max Weight Factor field, enter the weight factor for the maximum cost estimate. This value is used to calculate the Calculated Cost Estimate if 3-Point analysis is used.
4. In the Analysis Min Weight Factor field, enter the weight factor for the minimum cost estimate. This value is used to calculate the Calculated Cost Estimate if 3-Point analysis is used.
5. In the Analysis Nor Weight Factor field, enter the weight factor for the most likely (normal) cost estimate. This value is used to calculate the Calculated Cost Estimate, if 3-Point analysis is used.
6. In the Review Period (Weeks) field, enter the default period between assessments of risk analyses. This will be the default review period given to newly created risk analyses.
7. In the Time Unit field, enter the default time unit used for time delays entered on risk consequences.
8. In the Week Day Conversion field, enter the conversion for weeks to days. For example a value of 5 means that 1 week is converted to 5 days. This conversion is used to calculate net potential delay when the Time Unit is weeks.
9. Click Save.