Defining consequence costs for risk matrix setup - HxGN EAM - 12.0.1 - Help - Hexagon

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HxGN EAM
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HxGN EAM Version
12.0.1

Define the monetary cost associated to any defined consequences for any of the defined consequence categories of the risk matrix.

Consequences can also be identified as black swans. Black swans are unlikely events that have huge costs. Multiplying the low probability with the high cost may obscure this high cost danger. For example, a 1% chance of a $100,000 cost results in a loss of $1,000. However, a 50% chance of a $2,000 cost event also has a result of $1,000.

  1. Select Equipment > Setup > Risk Matrix Setup.

  2. Select the risk matrix for which to define consequence costs, and then click the Consequence Costs tab.

  3. Specify this information:

    Consequence - Specify the consequence for which to define costs.

    Organization - Specify the organization for the consequence cost.

    Consequence Cost - Specify the monetary value of the consequence cost.

    Black Swan - Select this check box if the consequence cost is a black swan. A black swan is an unlikely event that can have a very large cost.

  4. Click Submit.