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FAIR Risk Fundamentals 1 > Collecting data and estimates > Flashcards

Flashcards in Collecting data and estimates Deck (9)
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1
Q

What are context specific questions used for?

A

Gathering data and estimates for each variable in the FAIR model.

2
Q

What do context specific questions help with?

A

Being able to identify data you need and who are the SME’s needed to gather estimates.

3
Q

Make sure to document…

A

all the rationale the SME provides

4
Q

What is a critical skill?

A

Writing context specific questions.

5
Q

What is the job of the analyst in collecting data and estimates?

A

Ensuring the SME has perfect clarity of the scope being analyzed.

6
Q

Elements of rationale (4)

A

Who did the estimate come from? (Name and role)
Data considered
Areas of uncertainty
Controls considered

7
Q

Clear rationale produces…

A

Defensible analysis

8
Q

What to do when experts (SME’s) disagree?

A

Have them have a conversation one level deeper in the model.

Could also run the model twice and then combine ranges with note of uncertainty

9
Q

Additional research yields

A

Diminishing marginal returns

(Analysis paralysis)

Looking for accurate range.