Alternative future analysis is a set of techniques used to analyze or explore different states of the future by comparing different aspects, conditions or key future trends. It is used in risk assessment in that strategic analysts or policy makers can investigate how effective a proposed policy would be in the present and in the future.
A countermeasure is an action or a plan put in place to offset another in order to minimize an identified risk. The term countermeasure is adapted in risk assessment when organizations install an antivirus in all the computers to avoid loss of information and important data as a result of virus infections.
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Decision analysis is a set of techniques or practices adopted to provide analytical support for decisions that are made through formalized structures. It may be used in risk assessment when a company incorporates data and knowledge by using casual models of risk that are capable of providing better decision making.
Event tree is a tool that makes it easier to know which path is capable of creating the greatest possibility of failure for a system. It is used in risk assessment where analysts determine the greatest probability of risk when compared to the hazard of a particular event.
Fault tree is a tool used to illustrate the probability and interaction of casual events to lead to a major event. It is used in risk assessment by combining two events to estimate the possibility of occurrence of risk.
Natural hazard refers to any harm caused by environmental or geological phenomena or a combination of the two or three phenomena natural hazard like a tsunami can occur without prior warning. Researchers conduct a risk analysis on natural hazards so that they can find around uncertain factors that contribute to the crisis.
Intentional hazard is a source of harm caused by a deliberate action. Cyber bullying is one of the most common intentional hazards that DHS focuses on. Online users are educated on cyber bullying so that they can avoid risks caused by the practice.
Risk management plan is a document that outlines possible risks and the measures chosen to manage them. Most if not all organizations have a risk management plan to help them asses and manage risks.
Risk matrix is a tool used for ranking elements of risk in an organized manner. The finance department in most organizations uses risk matrix to rate the probability of risk while comparing it with its impact.
Vulnerability assessment is a process used to identify features of an entity that expose it to hazards. Departments such as human resources and marketing in any organization do a vulnerability assessment every now and then to identify features that may expose them to hazards.
