Define Probabilities
Explanation
This activity is used to establish probability levels and associated values to evaluate Risk Analysis.
Probabilities encompass a Probability Level ID, a probability level which describes what level
is represented by the ID (e.g. Very Low, Low, Moderate, High, Very High), Probability Min and
Probability Max which are the starting percentages and ending percentages respectively, assigned
to each probability level and the Probability Weighting which is a numerical value between the
Probability Min and Probability Max.
Prerequisites
None
System Effects
- When adding a new record the Probability Min of the second record will by default appear as
the highest value of Probability Max +1.
- When adding a new record, if the Probability Weighting flied is left blank, on saving this
field inherits a value that is the closest integer to the average of the Probability Max and Probability Min in
that record.
- The probabilities are based on percentages.
- Defined probability levels are available in the Lists of Values where probabilities are applicable.