There are a number of detailed methods for performing risk analysis that can contribute to an understanding and to a risk matrix . One analysis method is to create an event tree which starts from some “ initiating event ” and leads to a variety of consequences based on successes or failures at various decision points ( e . g . did an engine fail and , if so , did a second engine fail etc .). An event tree analysis can show the path to success or failure outcomes based on the various events that occur over time and the outcome of each event . This requires an understanding of the possible initiating events and the various event paths that can occur .
Figure 2-3 : Event tree . ( Source : Wikipedia . 14 )
Another approach is a fault tree , as used in reliability analysis . This can be used to divide a system into components and sub-components to understand dependencies , how failures may propagate , and which failures are critical .
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