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Risk value calculation
Just need enlightenment on a trivial thing, normally I have seen that risk impact is multiple of likelihood and consequence/ severity i.e. Risk impact= likelihood of occurrence x consequence faced. However in your document Risk impact is taken as sum of both consequence and likelihood. Any technical reason why is this so?
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ISO 22301 DOCUMENTATION TOOLKIT
Step-by-step implementation for smaller companies.
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ISO 22301 DOCUMENTATION TOOLKIT
Step-by-step implementation for smaller companies.
Find out more
ISO 22301 DOCUMENTATION TOOLKIT
Step-by-step implementation for smaller companies.
Find out more
Expert
Rhand Leal
Dec 22, 2016
Answer: For the purpose of a single risk value calculation, there is no particular technical reason for using sum instead of multiplication, and vice versa, to calculate risk value. The decision for sum or multiplication will only matter in more complex risk calculation activities, involving probabilistic theories, which is not the case.
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Dec 22, 2016
Dec 22, 2016
Dec 22, 2016