![]() Decision theory: It is a technique for assisting in reaching decisions under uncertainty and risk. Utility theory: It is an approach that is appropriate to the decision tree analysis for the calculation of expected values, and also for the assessment of results from sensitivity and probability analyses. Probability analysis: It overcomes the limitations of a sensitivity analysis technique by specifying a probability distribution for each variable, and then considering situations where any or all of these variables can be modified at the same time. Sensitivity analysis: It examines the extent to which the uncertainty of each element affects the object under consideration when all other uncertain elements are held at their baseline values. It can also be used to identify and postulate risk scenarios for a particular project. Brainstorming: It is used extensively in formative project planning. Each expert analyzes the risk independently and then prioritizes the risk, and the results are combined into a consensus. Delphi: It is a group of experts who used to rate independently and rate business risk of an organization. Accept risks which have low probability and low impact. Probability and Impact Assessment on Inherent Risk. COBRA (Collective, Objective, and Bi-Functional Risk Analysis): It is a questionnaire system which is based on system's principle and extensive knowledge to evaluate the relative importance of all threats and vulnerabilities. Risk Assessment Prevent those risks which are of high probability with high impact. The purpose of a QRA is to translate the probability and impact of a risk into a measurable quantity. Risk rating analysis is the identification and evaluation of all risks to. It is also used as a planning technique for security. During the qualitative risk assessment process, the risks are evaluated in terms of their relative probability and impact. Risk impact assessment investigates the potential effect on a. ![]() OCTAVE (Operationally Critical Threat, Asset, and Vulnerability Evaluation): It is a strategic assessment based on the risk identified. Risk probability assessment investigates the likelihood that each specific risk will occur. ![]()
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