Risk matrix

The options for risk analysis processes are:

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Use evaluation forms – The analysis team uses wizards to evaluate the probability of failure, economic consequences, health and safety consequences, environmental consequences, reputation consequences, and confidence factors. APM then calculates the risk and shows it in the risk matrix. This process can be performed on failure modes or demand scenarios.

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Use weighted severity and relative risk – The analyst assesses the severity of economic, health and safety, environmental, and reputation consequences, assigning a number (weighting) to each factor. The analyst also enters the probability of failure and the confidence factor. APM then calculates the relative risk and shows it in the risk matrix.

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Use embedded evaluation forms – The analysis team uses forms that are “embedded” in the Risk tab of the Maintenance Action Plan window to evaluate consequence and confidence factors. SIF analysis uses this type of form.

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Not performed – Risk analysis features are not shown in the analysis window.

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Risk matrix

The risk matrix specified as the default for risk analyses of this type. The matrix displays the results of the failure mode’s probability and severity evaluations, as well as its relative risk (criticality).

If this option is selected, when the risk analysis has been performed, the recommended strategy and frequency (if applicable) are copied from the risk matrix entry to the action plan.

See Also

Confidence questionnaire

Questionnaire used to perform the confidence evaluation for likelihood of failure.

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Probability of failure matrix

Matrix to use when the probability of failure is based on a demand scenario.

When the analyst clicks one of the economic impact buttons on the risk matrix, that severity’s economic impact amount is used in the avoidance savings calculation. The amount is shown on the failure mode’s Failure Data tab.

However, if the analyst uses the Economic Evaluation Questionnaire, the results of the evaluation is used.

When the analysis team performs a criticality analysis, the selected Health and Safety severity’s economic impact amount is included when the failure mode’s avoidance savings is calculated. The amount is shown on the failure mode’s Failure Data tab.

When the analysis team performs a criticality analysis, the selected Environmental severity’s economic impact amount is included when the failure mode’s avoidance savings is calculated. The amount is shown on the failure mode’s Failure Data tab.

When the analysis team performs a criticality analysis, the selected Reputation severity’s economic impact amount is included when the failure mode’s avoidance savings is calculated. The amount is shown on the failure mode’s Failure Data tab.

See Also