ABSTRACT
The examples are a set out as a number of discrete risks together with their primitives and modelling in Risk Modelling Tool (RMT) and Excel. Together they constitute a risk model for a realistic project. This chapter explores an example risk model that contains worked instances of the cost and time-risk primitives. Not all of the risks occupy a single row. This is because real-world models are not Venetian blinds, by which is implied as that every risk, no matter its behaviour, is modelled in the same way. This modelling is then simply clattered down a spreadsheet like a Venetian blind. Safety risk models require the most thorough understanding of human behaviour, particularly the reactions to emerging and changing situations. The expected monetary value (EMV) of the incident for the period of time chosen can then be computed from the summation of products of each loss, and chain of probabilities that lead to it, multiplied by the number of causes.
