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The aim of this paper is to present risk analysis procedures which have been successfully applied by Czech small and medium enterprises (SMEs). The methodology, which is based on the modification and combination of two standard methods, aims to accelerate (and make more affordable) the risk analysis process, as compared to other risk analysis methods used for public organizations and major corporations in the Czech Republic.

The paper presents in detail the individual steps the authors used in risk analysis of SMEs in the Czech Republic. The method is based on the facilitated risk analysis process (FRAP) methodology and the BITS recommendation. Modifications of both methodologies are described in detail.

To perform risk analysis in the SME sector in the Czech Republic, it is necessary to have a broad portfolio of instruments. Besides using the CRAMM methodology, the authors have created a new method based on combining the BITS and FRAP methods. The advantage of this method is its ability to accelerate the risk analysis, especially the identification and asset evaluation phases. Another advantage is that the method produces simple spreadsheet tables, providing the consumer with a tool that is easily editable and may be used for follow‐up procedures.

The risk analysis method produces benefits for SMEs by speeding up the risk analysis and lowering its cost. Another benefit is that the method is open‐source and can potentially be further modified.

The paper presents in detail an approach to risk analysis based on the modification of the FRAP methodology and the BITS recommendation.

For several branches of industry, an increasingly competitive environment has raised important questions concerning maintenance in plant systems. For example, the 1996 deregulation in Sweden’s electricity sector has resulted in increased competition among the country’s power producers. To survive the competition, suppliers have to reduce maintenance costs, i.e. handle maintenance more efficiently. Risk analysis is one tool decision makers can use to help them prioritise as they plan maintenance actions. There are a number of different approaches to risk analysis. As the results of an analysis must form a reliable basis for decision making, it is important to consider whether the quality of the results will vary significantly with the risk analysis approach chosen. This paper presents a comparative study based on three independent risk analyses performed on a specific hydro‐power plant. The comparison and evaluation of the analyses reveal major differences in performance and results, along with various factors that affect the quality of the analyses. The study establishes the importance of a well‐planned requirement specification and the need to analyse and interpret risk analysis results, before making maintenance decisions.

Risk analysis is a critical investigation field for many sectors and organizations to maintain the information management reliable. Since mining is one of the riskiest sectors for both workers and management, comprehensive risk analysis should be carried out. The purpose of this paper is to explore comprehensively the undesired events that may occur during a particular process with their main reasons and to perform a risk analysis for these events, by developing a risk analysis methodology. For performing risk analysis, discovering and defining the potential accidents and incidents including their root causes are important contributions of the study as distinct from the related literature. The fuzzy approach is used substantially to obtain the important inferences about the hazardous process by identifying the critical risk points in the processes. In the scope of the study, the proposed methodology is applied to an underground chrome mine and obtaining significant findings of mining risky operations is targeted.

Fault tree analysis and fuzzy approach are used for performing the risk analysis. When determining the probability and the consequences of the events which are essential components for the risk analysis, expressions of the heterogeneous expert group are considered by means of the linguistic terms. Fault tree analysis and fuzzy approach present a quiet convenience solution together to specify the possible accidents and incidents in the particular process and determine the values for the basis risk components.

This study primarily presents a methodology for a comprehensive risk analysis. By implementing the proposed methodology to the underground loading and conveying processes of a chrome mine, 28 different undesired events that may occur during the processes are specified. By performing risk analysis for these events, it is established that the employee’s physical constraint while working with the shovel in the fore area, the falling of materials on employees from the chute and the scaling bar injuries are the riskiest undesired events in the underground loading and conveying process of the mine.

The proposed methodology provides a confidential and comprehensive method for risk analysis of the undesired events in a particular process. The capability of fault tree analysis for specifying the undesired events systematically and the applicability of fuzzy approach for converting the experts’ linguistic expressions to the mathematical values provide a significant advantage and convenience for the risk analysis.

The major contribution of this paper is to develop a methodology for the risk analysis of a variety of mining accidents and incidents. The proposed methodology can be applied to many production processes to investigate the dangerous operations comprehensively and find out the efficient management strategies. Before performing the risk analysis, determining the all possible accidents and incidents in the particular process using the fault tree analysis provides the effectiveness and the originality of the study. Also, using the fuzzy logic to find out the consequences of the events with experts’ linguistic expressions provides an efficient method for performing risk analysis.

The purpose of this paper is to improve risk assessment processes in airline flight operations by introducing a dynamic risk assessment method.

Fuzzy logic and Bayesian network are used together to form a dynamic structure in the analysis. One of the most challenging factors of the analyses in aviation is to get quantitative data. In this study, the fuzzy data quantification technique is used to perform dynamic risk assessment. Dynamic structure in the analysis is obtained by transforming the bow-tie model into a Bayesian network equivalent.

In this study, the probability of top-event from fault tree analysis is calculated as 1.51 × 10⁻⁶. Effectiveness of the model is measured by comparing the analysis with the safety performance indicator data that reflects past performance of the airlines. If two data are compared with each other, they are at the same order of value, with small difference (0.6 × 10⁻⁷).

This study proposes a dynamic model to be used in risk assessment processes in airline flight operations. A dynamic model for safety analysis provides real-time, autonomous and faster risk assessment. Moreover, it can help in the decision-making process and reduce airline response time to undesired states, which means that the proposed model can contribute to the efficiency of the risk management process in airline flight operations.

The purpose of this paper is to evaluate the adoption of qualitative risk analysis techniques (QRAT) on construction projects in Nigeria with the aim of providing better understanding on the state of these techniques.

A questionnaire survey and an in‐depth interview were employed in gathering data for the study. The paper assessed the level of knowledge, awareness, utilization success and the factors affecting the utilization of qualitative risk analysis techniques. The primary data employed were obtained by using a multiple‐choice questionnaire administered to the selected large construction firms in Nigeria.

The result of the study revealed a low level adoption of QRAT, thus preventing the Nigerian construction industry from taking full advantage of QRAT in the analysis of risks inherent in construction projects. Also checklists, flowchart and assumption analysis were the commonly used QRAT in the study area. Furthermore, inadequate training and record keeping on risk management contributed largely to the factors affecting the utilization of QRAT on projects.

Multiple‐choice questionnaires administered to the respondents (architects, quantity surveyors, builders, structural engineers, civil engineers, mechanical and electrical engineers) were limited to the selected large construction firms in the category D of the Nigerian Federal Tender Board.

The construction sector has not taken full advantage of QRAT in the analysis of risks inherent in construction projects. This has been responsible for cost and time overruns usually recorded. Analysing risks will help the stakeholders in assessing degrees of project complexity and better manage the potential risks that might be induced to different levels of construction projects in Nigeria in order to achieve hitch free construction project delivery.

This empirical inquiry provides strong evidence on the state of qualitative risk analysis techniques of construction projects in Nigeria. The findings provide insightful perspectives to understand construction project QRAT in its entirety. For stakeholders, understanding and addressing the complexity help to improve project planning and implementation.

The purpose is to examine the risk management processes and methods used in determining project feasibility in the early stages of the property development process by Australia/New Zealand property developers, including Monte Carlo simulation, Bayesian models and real option theory embedded in long-term property development and investment decision-making as instruments for providing flexibility and managing risk, uncertainty and change.

A questionnaire survey of 225 Australian and New Zealand trader developers, development managers, investors, valuers, fund managers and government/charities/other relating to Australia/New Zealand property development companies' decision-making processes in the early stages of the development process prior to site acquisition or project commencement – the methods used and confidence in their organisations' ability to both identify and manage the risks involved.

Few of the organisations sampled use sophisticated methods; those organisations that are more likely to use such methods for conducting risk analysis include development organisations that undertake large projects, use more risk analysis methods and have more layers in their project approval process. Decision-makers have a high level of confidence in their organisation's ability to both identify and manage the risks involved, although this is not mirrored in their actual risk management processes. Although the majority of property developers have a risk management plan, less than half have implemented it, and a third need improvement.

Property development organisations should incorporate more modern and sophisticated models of risk analysis to determine the uncertainty of, and risk in, a change of input variables in their financial viability appraisals. Practical application includes using such multiple techniques as what-if scenarios and probability analysis into feasibility processes and utilise these specific techniques in the pre-acquisition stages of the property development process and, specifically, in the site acquisition process to support decision-making, including a live risk register and catalogue of risks, including identification of and plans for mitigation of project risks, as a form of risk management.

First study to examine the extent of the decision-making methods used by property developers in the pre-acquisition stage of the development process.

Stable approach concept has great importance for the safe operation of an airline during the approach and landing phases. The purpose of this study is to analyse the unstabilized approaches with bow-tie method and determine the threats that may cause risk in an unstable approach.

In this study, risk assessment of the unstabilized approaches is carried out by using fuzzy bow-tie method and Bayesian networks. Bow-tie method is the combination of event tree analysis and fault tree analysis. Bayesian network is used in the analysis to see interrelationship of basic and intermediate events as well as to update posterior probabilities. Finally, analysis results are verified by the safety performance indicator values.

In this study, the probabilistic values of the numerical model presented by the risk assessment system for risks were calculated using the fuzzy bow-tie method. Thus, the risk assessment system has been transformed into a structure that can be expressed in a probabilistic manner, and the relationship of the risks within the system has been examined and the effect of a possible change on the risk value has been found to be prevalent.

The bow-tie model is widely applied to assess the risks in aviation. Obtaining prior probabilities is not always possible in the risk assessment process. In this paper, innovative fuzzy bow-tie method is used to assess the risks to overcome the lack of prior probability problem in aviation operations.

Suggests that a number of difficulties are experienced by organizations using conventional risk analysis and management. “Conventional” refers to those methodologies which are based on the traditional asset/threat/vulnerability model. Identifies a need for an approach that is more suitable for smaller organizations, as well as organizations requiring a quicker, more simplified and less resource‐intensive approach. In light of this requirement, proposes an alternative approach to effective information technology (IT) risk analysis and management. This approach has a business‐oriented focus from an IT perspective.

The purpose of this paper is to provide a systematic classification for frameworks, methods, and models of in-project quantitative risk analysis (IQRA) for the last 30 years.

An extensive literature review is conducted to identify pertinent IQRA works. Identified IQRA frameworks/methods/models are then classified on the basis of commonalities in key attributes and assumptions. Linkages between each category of IQRAs and dimensions of complexity are also observed.

Around 70 key publications on IQRAs are identified. Major attributes for each work are described. Five distinct categories of IQRAs emerge with unique linkages to complexity dimensions. An analytical framework in the form of a matrix is presented to illuminate evolution on modeling characteristics and to indicate a relationship between respective category and dimensions of project complexity.

The research coverage is intended to be comprehensive but it is by no means exhaustive. This study highlights research opportunities in IQRAs and the possible extension toward in-project quantitative complexity analysis (IQCA).

The proposed matrix provides guidance to practitioners to select the appropriate category of IQRAs for a specific project complexity type in a contingency fashion. The study highlights lessons from development and utilization of IQRAs. Outstanding issues from IQRAs are discussed to avoid similar drawbacks for IQCAs.

This study provides an original framework/matrix to classify extant works in IQRAs. It also establishes an association between IQRAs and the emerging conceptual works of complexity.

The Public Organisation Risk Management concept challenges managers to develop a means of systematically identifying and managing key features of the organisation’s uncertainty field (its risks, uncertainties, the unknown and emergent, and the human perception/behaviour component). This presents an immense challenge, as it seems an organisation would need – in some sense – to identify all aspects of the environment before then isolating that subset of the most important risks and uncertainties. Clearly this is impossible, but a conscious awareness of this limitation might be valuable in its own right.

Assessment and analysis refers to the systematic and ongoing process by which a public organisation identifies, analyses, and measures the key components of its uncertainty field. A foundation concept that governs assessment and analysis is the view that public organisations are, in effect, collections of contracts, obligations, commitments, and agreements between the government and resource holders. Those arrangements serve as means by which the public organisation becomes exposed to the elements of the uncertainty field. Those elements, in turn, arise from the physical, social, political, economic, legal, operational, and cognitive environments.

A more detailed exposition of assessment and analysis appears in both Chapters Six and Seven. Here, in Chapter Five the goal is to set the foundation for such an exploration. Key terms and concepts are presented, and some core issues are introduced. As with all chapters, the discussion will address what have been identified as ‘traditional’ as well as enterprise risk management influenced perspectives. This in turn will lead to some coverage of alternative thinking about the assessment and analysis process.