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RISK BASED PROBLEM SOLVING AND DECISION MAKING
RISK TAXONOMIES
ISO 31000 RISK MANAGEMENT FRAMEWORK
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Video: What is a Heat Map: Analyzing Risks? (5)

Why This Matters: Risk has to be operationalized. So, risk is defined as likelihood x consequence in a qualitative graph. Is this approach reliable? There is still uncertainty in the decision. But remember, most decisions under uncertainty are fuzzy. For most contexts, qualitative decision is ‘good enough.’

Project Question: Why do you think that the qualitative approach to RBPS and RBDM is ‘good enough?’