Correlating multiple risks

General discussion and questions about project risk management and risk analysis software RiskyProject. Includes discussion on how to perform efficient project risk analysis using our software.

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Fer23
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Correlating multiple risks

Post by Fer23 » Thu Nov 26, 2015 10:13 am

Let us assume that we have 3 events (Event 1, Event 2 and Event 3) and we want to correlate Event 1 with Event 3 and Event 2 with Event 3. But we don't want to correlate Event 1 with Event 2. How can that be modelled at RiskyProject?

I am asking because when I correlate Event 1 with Event 3, and then Event 3 with Event 2, RiskyProject automatically correlates Event 1 with Event 2. I am working on my thesis on the implementation of ECM in the construction of a bridge with RiskyProject. I would like you to answer a question if it is easy. Thank you very much in advance.
Project risk management, decision and risk analysis

Intaver Support
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Re: Correlating multiple risks

Post by Intaver Support » Thu Nov 26, 2015 10:17 am

You have asked a very interesting question and given the current risk modeling in RiskyProject there is no direct method to do this type of correlation. Because RiskyProject use the risk assignment Seed to correlate risks, if you correlate 1&3 and 2&3, then 1&2 will be automatically correlated.
E.g If Risk 1 risk assignment has a seed of 0001 and is correlated to Risk 3, then Risk 3 will automatically be given the seed of 0001. Then if risk 2 is correlated to Risk 3, then Risk 2 will also be given the seed of 0001.

Risk correlations can be viewed and assigned for each task in the Task Information, Risks tab, right-click on a Risk and select Risk Information. Click the Correlations tab.


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