PNNL

Overview

Risk analysis uses a framework that considers the likelihood and impacts of uncertain events on an organization’s missions and priorities. It provides a context formal construct to identify risks, quantify their impacts, develop handling plans to manage risks (e.g., reduce the likelihood and/or consequence associated with hazards or threats), and provide insight for decision makers. Risk analysis can be appropriately scaled regardless of the size or maturity of a project. It can be applied qualitatively during the early stages of programs that have limited information (or data) and relies on subject matter expert judgement for risk identification. Complex quantitative analysis can also be performed completed for mature projects or programs when more detailed information is available.

There are different types of risk analyses. These include risk identification (qualitative), schedule risk analyses (quantitative), process models used to inject risk into a simulation to model the outcomes (qualitative and/or quantitative as needed), probabilistic risk assessments (PRAs – quantitative), and analyses of risk in highly engineered and complex systems (qualitative and/or quantitative as needed), such as nuclear power plants, cybersecurity, or critical infrastructure, which need to operate reliably in low-likelihood, high-consequence events (e.g., earthquakes, large fires).

Applying Risk Analysis and Management

Pacific Northwest National Laboratory (PNNL) has provided risk analysis and management expertise in domain areas including but not limited to project management, nuclear safety, nuclear materials, energy and water resilience, and cybersecurity.

Questions below may help determine who benefits from risk analysis and management:

• Will your project span over a long period of time?
• Does your project include many complex tasks for completion?
• Is your project high risk?

Visit our capabilities page to determine the risk assessment for your project and/or task.