Risk Informed Decision Making and Design

Services / Risk / Risk Informed Decision Making and Design

Risk Informed Decision Making (RIDM) uses qualitative and quantitative risk analysis, evaluation, and assessment to make informed decisions to manage projects and portfolios throughout their life-cycle. These processes provide an unbiased way to identify risk drivers and evaluate the level of risk, which, if found to be intolerable, can aid in development of alternatives and measures to mitigate the factors contributing to the risk. A key consideration is the impact of uncertainty and identification of scenarios where there is insufficient information to make informed decisions, and to develop plans to fill data gaps.

Key aspects of our RIDM services include:

  • Potential failure modes analysis (PFMA)
  • Risk evaluation and assessment (qualitative and quantitative)
  • Event and fault tree development
  • Hazard evaluation
  • Consequence estimation
  • System response function evaluation (development of fragility curves)
  • Risk communication