ABSTRACT
Risk analysis is the use of risk data to create information that will help make decisions about the project. The information may be in the form of charts, models, lists or reports. One of the best ways of analysing risk is to construct a model of risk for programme or project. The risk concept map provides an overall background from which it will be easier to formulate risk statements than from a mere brainstorming exercise. Cause-and-effect diagrams (also known as Ishikawa diagrams) show contributors (causes) to a single outcome (impact), whereas the risk concept map can display multiple outcomes. The influence diagram may have some similarities to the risk concept map in appearance, but it is more aligned to a decision tree in concept, though the decision tree tends to be more structured than the freer-format influence diagram. Monte Carlo simulation is a form of risk modelling that focuses on the likelihood of scheduled dates or budgets being met.
