Risk is like most aspects of reliability, availability and maintainability (RAM) engineering in that it deals with probability of an event occurring. It is human nature to prefer to deal with very tangible, measurable things. Risk is intangible, but needs to be ‘measured.’
When operating in competitive markets or working with safety critical systems, understanding risk is fundamental to success. In these circumstances, being able to accurately quantify risk (as opposed to using a generic qualitative or ‘colour based’ assessment) is absolutely necessary to inform the important decisions that you and your business need to make.
Acuitas can help you with all aspects of probabilistic risk assessments (PRA). We can help you quantify what is a difficult, intangible characteristic to measure. Importantly, we can help you communicated the inherent uncertainty that always accompanies any probabilistic assessment.