This chapter presents a method for quantifying risk in two elements, likelihood and criticality, and...

Question

This chapter presents a method for quantifying risk in two elements, likelihood and criticality, and for plotting these two metrics on a risk matrix. Suppose you wanted to combine these two metrics into a single, combined metric for risk. Suggest three methods for combining likelihood and criticality into a single metric. List the advantages and disadvantages for each.

Robert · Accepted Answer

Solution: 
We have already known that the seriousness of the risk of a particular failure should be considered in 
terms of two factors — the likelihood that a failure will occur and the criticality of its impact on the 
success of the program. We can combine these two factors sense, the seriousness of the risk can be 
thought of as a combination of those two factors. 
In case of risk likelihood, there is no accepted numerical scale for risk criticality, and one may consider 
the same relative levels as those for likelihood: high, medium, or low.

This chapter presents a method for quantifying risk in two elements, likelihood and criticality, and for plotting these two metrics on a risk matrix. Suppose you wanted to combine these two metrics...

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