Guest blog by David Hatch from Process Safety Integrity As BowtieXP users become more proficient in model development (often guided by the CCPS/EI concept book which includes significant contributions from CGE) they wish to exploit enhanced functionality to provide more accurate risk assessments to inform their decision making. Adding value to qualitative risk assessment (matrices) [...]
Guest blog by Emily Harbottle from HarbottleHughes I was asked the other day what advantage a 5x5 risk matrix has over a 4x5 and it started me thinking. A risk matrix is meant to help categorize, prioritize and compare risks, so what difference do 5 or 4 rows or columns really make? I assumed it [...]
Some of the most asked questions about risk management are "how do we know whether we save money by controlling and mitigating our risks?" and "does adding more barriers still add significant value to our risk reduction?" The bowtie cost-benefit analysis automatically calculates how much money you are expected to save by implementing a [...]
