An Industry Standard Risk Analysis Technique

of its popularity, the execution of this technique often has flaws, among them are: Failing to differentiate between levels and categories of risk, 1. Using estimated probability of the event rather than its 2. frequency of occurrence, Using ordinal numbers instead of cardinal numbers for 3. severity, Using different ranges for severity and frequency, 4. Using an inappropriate combining equation, 5. Using linear scales instead of logarithmic scales, 6. Explaining only intermediate risks while seeming to ignore 7. high and low risks, Ignoring risk interactions and severity amplifiers, and, 8. Confusing risk with uncertainty. 9.