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The product indirectly tells you the criteria for accepting the risk as-is, but it doesn't give you any insight into how to reduce the risk. That's what severit
by pwr-electronics 5y ago
The product indirectly tells you the criteria for accepting the risk as-is, but it doesn't give you any insight into how to reduce the risk. That's what severity and likelihood are for. You need all three together.
- rightbyte 5y agoI am fine with guesstimates for likelihood and severity, but the product doesn't make sense. When two guesstimates are multiplied like that, you choose the terms to give the product you want, or vice versa. The concept of trying to do a distillation of a risk assessment to a number is flawed.
- pwr-electronics 5y agoYou're right that the product number is not a very meaningful value. https://en.wikipedia.org/wiki/Risk_matrix https://en.wikipedia.org/wiki/Risk_matrix Take a look at this risk matrix. It's divided into cells that are each assigned a category. If you assigned numbers to it, you'd get conflicting results: 1. Possible (3) x Catastrophic (4) = Very High (12) 2. Likely (4) x Critical (3) = High (12) In this case, 12 can mean either High or Very High. Therefore the category is more important than the product. So basically, the product is only meaningful if the categories are defined in terms of it, which I don't think is common. Really, I should have said you need the category, rather than the product.