The purpose of Risk Insights 4D Analytics approach is to gain enough information to make a first-pass at estimating and evaluating uncertainty, and to do so in a way that elicits the information in a way that is comfortable for those providing the estimates e.g. not using High-Medium-Low ratings! Undertaking a straightforward first-pass in this way enables decisions to be made on where to focus further activity as required, such as deeper dive analysis or Monte Carlo simulation.
Risk Interconnection Map is an unique way of presenting risk information. Compared to Probability Impact matrices which only display severity and likelihood, the interconnection map enables four dimensions to be visualized:
Risk likelihood – pessimistic and optimistic scenarios
Risk severity – worst-case and best-case
Risk interconnection – identify the connections between risks
Strength of interconnection – identify your most influential and influenced risks