About Risk Analysis
Two of the most widespread, mature and versatile methods for conducting probabilistic risk, reliability and availability analysis are fault tree analysis and event tree analysis.
A fault tree is a graphical representation of a logical structure representing undesired events ("failures") and their causes.
You create the logical structure by using gates and represent undesired events by using basic events. Reliability parameters are assigned to the basic events.
An event tree is a graphical representation of sequences of events.
You use event trees when you want to investigate, analyze and graphically document what sequences of events and its consequences your system may develop in case of an error or a disturbance in your day-to-day operations.
The analysis result will give you quantitative safety, reliability and availability measures for your system. You are also able to calculate importance and sensitivity measures for your results.