# SYSM 6304: Risk and Decision Analysis Lecture 5: Methods of Risk Analysis

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1 SYSM 6304: Risk and Decision Analysis Lecture 5: Methods of Risk Analysis M. Vidyasagar Cecil & Ida Green Chair The University of Texas at Dallas October 17, 2015

2 Outline Introduction 1 Introduction 2 Gantt Chart PERT Charts Critical Path Method (CPM) 3 4

3 Outline Introduction 1 Introduction 2 Gantt Chart PERT Charts Critical Path Method (CPM) 3 4

4 Some Popular Methods of Risk Analysis Basic Premise: Bad outcomes arise due to multiple failures, not just one failure. So to analyze the cascading effects of multiple failures, various approaches are used. Event trees Fault trees Decision trees Bayesian networks All of them represent the problem as a weighted directed graph, where individual nodes represent outcomes of random variables and edge weights represent probabilities. For the sake of completeness, we also review historical methods.

5 Outline Introduction 1 Introduction Gantt Chart PERT Charts Critical Path Method (CPM) 2 Gantt Chart PERT Charts Critical Path Method (CPM) 3 4

6 Outline Introduction 1 Introduction Gantt Chart PERT Charts Critical Path Method (CPM) 2 Gantt Chart PERT Charts Critical Path Method (CPM) 3 4

7 The Gantt Chart Gantt Chart PERT Charts Critical Path Method (CPM) The Gantt chart was invented by Henry Gantt in the 1910 s. It represents each activity in a project as a horizontal bar, with start and end times indicated, as shown on the next slide.

8 Example of a Gantt Chart Gantt Chart PERT Charts Critical Path Method (CPM)

9 Another Example of a Gantt Chart Gantt Chart PERT Charts Critical Path Method (CPM)

10 Pros and Cons of Gantt Chart Gantt Chart PERT Charts Critical Path Method (CPM) Advantage: Preparing a Gantt chart forces you to think through all the work components and to make a proper schedule. Disadvantages: It cannot capture sequential dependence, i.e. Step A must be completed before Step B, etc. No scope whatsoever for randomness (or variations) in schedule. Nevertheless, it was a very useful concept in its day!

11 Outline Introduction 1 Introduction Gantt Chart PERT Charts Critical Path Method (CPM) 2 Gantt Chart PERT Charts Critical Path Method (CPM) 3 4

12 PERT Charts Gantt Chart PERT Charts Critical Path Method (CPM) PERT = Project Evaluation Review Technique Starting point: Break down overall project into a sequence of sub-projects. Graphical representation also captures sequencing information a vast improvement over Gantt charts!

13 PERT Chart Example Gantt Chart PERT Charts Critical Path Method (CPM)

14 PERT Chart Example (Zoom-In) Gantt Chart PERT Charts Critical Path Method (CPM)

15 PERT Technique Gantt Chart PERT Charts Critical Path Method (CPM) PERT is not just about capturing sequential information. For each stage, experts were also asked to estimate the maximum time (or cost), minimum time, and average time. Then a simple distribution (usually a triangular distribution shown on next slide) is fit to the time to complete that stage. If only minimum and maximum times are available, one can also use a uniform probability distribution (shown in next after next slide). Graphical structure makes it easy to combine individual estimates into an overall estimate.

16 Gantt Chart PERT Charts Critical Path Method (CPM) Triangular Distributions Used in PERT φ T Φ T T min T avg T max T T min T max T

17 Uniform Distributions Used in PERT Gantt Chart PERT Charts Critical Path Method (CPM) φ T Φ T T min T max T T min T max T

18 Limitations of PERT Gantt Chart PERT Charts Critical Path Method (CPM) PERT was evolved for an era when computation was difficult! Today we need not worry about doing complex computations! PERT cannot take into account dependence among different steps (dependence among different random variables). In other words, PERT assumes that all random variables are independent.

19 If Step from 1 to 3 takes M. Vidyasagar longer than Methods expected, of Risk Analysis wouldn t we expect Introduction Gantt Chart PERT Charts Critical Path Method (CPM) Possibility of Dependence Among Random Variables

20 Outline Introduction 1 Introduction Gantt Chart PERT Charts Critical Path Method (CPM) 2 Gantt Chart PERT Charts Critical Path Method (CPM) 3 4

21 Critical Path Method (CPM) Gantt Chart PERT Charts Critical Path Method (CPM) In this method, one again lays out the components of the overall project, and works out the average (expected) time needed to complete each task. The longest path through the graph is the critical path, because there is no slack in it at all. Ergo: Pay attention to the critical path and don t worry about the rest (until they become critical!).

22 Critical Path Illustration Gantt Chart PERT Charts Critical Path Method (CPM) The top path is the critical path.

23 Outline Introduction 1 Introduction 2 Gantt Chart PERT Charts Critical Path Method (CPM) 3 4

24 Basics of Graphical Representations A graph consists of both nodes and edges between nodes. A graph is directed if the edges have directions, and undirected otherwise. A graph is weighted if the edges have weights (usually positive) associated with them, and unweighted otherwise.

25 Acyclic vs. Cyclic Graphs A directed graph (weighted or unweighted) is said to be connected if there is a path between every pair of nodes, ignoring the direction of the edges. A directed graph is said to be acyclic if there is no closed path from any node back to itself. In any acyclic graph, there is at least one source node, without any incoming edges, an at least one sink node, without any outgoing edges. In all of the methods studied, source nodes represent the initiating events while sink nodes represent outcomes.

26 Limitations of Graphical Methods All of the methods discussed here work well in relatively simple situations, though some of them (fault-trees, Bayesian networks) can be extended to more complex situations. All of these methods presuppose that The overall graph is acyclic, that is, no loops in the graph. Only one-step memory is permitted, if at all. Often r.v.s are assumed to be independent. For more complicated situations, Monte Carlo simulation would be best.

27 Outline Introduction 1 Introduction 2 Gantt Chart PERT Charts Critical Path Method (CPM) 3 4

28 Outline Introduction 1 Introduction 2 Gantt Chart PERT Charts Critical Path Method (CPM) 3 4

29 : Definition Often an outcome is very simple: success vs. failure, safe operation vs. danger, etc. Often it is also binary. But the path to the simple (or binary) outcome is a cascade of multiple events. Event trees are based on modeling the final outcome as the cascade of multiple events, where The events occur in a well-defined sequence of precedence. Each event has two or more outcomes, with a known (or estimated) probability. Objective: Using the probabilities of individual events, estimate the probabilities of the various outcomes.

30 Constructing an Event Tree Identify an initiating event of interest. Identify All events that are supposed to follow the initiating event The possible outcomes of each event, and The probabilities of the various possible outcomes. Repeat.

31 A Simple Example: Fire Prevention System A fire prevention system in a private home consists of three components operating sequentially: Smoke detector (SD) Sprinkler switch (SS) Water pump (WP) If any of the components fails, the overall system fails.

32 A Simple Example: Fire Prevention System (Cont d) Let us assign failure probabilities to each of the three components, as follows: p SD = 0.05, p SS = 0.02, p WP = Let us assume also that the failures of the three components are independent events. This can be depicted by a very simple event tree (next slide).

33 Event Tree of Fire Prevention System Works Works p = 0.98 p = 0.99 Success! WP Fire Works Fails p = 0.95 SD Fails SS Fails p = 0.02 p = 0.05 p = 0.01 Failure Failure Failure

34 Analysis of Event Tree There are four paths in all, out of which three lead to failure and only one leads to success. The probability of each path is the product of the probabilities of the individual events (as events are assumed to be independent). Therefore the probability of success is p S = = , while the probability of failure is the sum of the probabilities of the three paths: p F = ( ) + ( ) =

35 Some Common Erroneous Statements The literature contains some erroneous statements about event trees. In an event tree, every node can have only two outgoing edges (i.e., every event can have only two possible outcomes). This is incorrect. It is permissible for a node to have more than two outgoing edges. But the weights (probabilities) of all outgoing edges must, of course, add up to one.

36 Some Common Erroneous Statements (Cont d) In an event tree, every node can have only one incoming edge (i.e., every event can have only one possible way to happen). This too is incorrect. It is permissible to have multiple edges pointing into one node. In fact the previous example can be redrawn as shown in the next slide.

37 Event Tree of Fire Prevention System (Redrawn) Works Works p = 0.98 p = 0.99 WP Success! Works p = 0.95 SS Fails Fire Fails SD Fails p = 0.02 p = 0.05 p = 0.01 Failure

38 Dependent Events Example The events at each node need not also be independent. Consider the following two-stage processing example: Input X Y Output The total processing is of course Z = X + Y. Suppose X takes values in {7, 8, 9} while Y takes values in {4, 5, 6}. So Z takes values in {11,..., 15}.

39 Dependent Events Example (Cont d) Suppose the joint probability distribution of X and Y is given by Y X Because X and Y are not independent, we cannot compute the probability distribution of Z = X + Y by convolving the two marginal distributions.

40 Dependent Events Example (Cont d) The marginal distribution of X by itself is [ ]. Let us compute the matrix of conditional probabilities of Y for various outcomes of X. Y X This can be represented by an event tree as shown in the next slide. For simplicity the values of Y are not shown. Note: This example is naturally suited for Bayesian networks.

41 Event Tree for Two-Stage Processing Example Start X Z

42 Dependent Events Example (Cont d) There is one path each leading to Z = 11 and to Z = 15, two paths each leading to Z = 12 and to Z = 14, and three paths leading to Z = 13. The probability of each path can either be computed using the table or conditional probabilities. For example Pr{Z = 12} = Pr{X = 7&Y = 5} + Pr{X = 8&Y = 4} = = 0.10.

43 Dependent Events Example (Cont d) But we can also compute Pr{X = 7&Y = 5} = Pr{X = 7} Pr{Y = 5 X = 7} and similarly for the other term. Both approaches give the same answer. Adding up all the probabilities gives the probability distribution of Z: φ Z = [ ]. It is possible to automate this process so that quite large event trees can be analyzed.

44 Outline Introduction 1 Introduction 2 Gantt Chart PERT Charts Critical Path Method (CPM) 3 4

45 Decision trees are essentially the same as event trees, except that at several nodes, some decision needs to be taken, such as the associated profit (or loss), the amount of investment needed, etc. In short, the outcomes in decision trees are usually numerical, whereas in event trees they can also be abstract r.v.s.

46 Decision Tree Example Consider again the two-stage process with dependent processing times shown earlier. Suppose the company receives a bonus or pays a penalty (in millions of dollars) depending on the processing time, as follows: Outcome Proc. Time Bonus Prob The expected value of the bonus/penalty is 0.17 million dollars.

47 Decision Tree Example (Cont d) Suppose you can replace the current processing station Y with another machine that costs 1 million, which can be used 10 times before it needs replacement. With this new machine, the second station takes less time. The joint probability distribution of X and Y is now given by Y X

48 Decision Tree Example (Cont d) Now the probabiity distribution of Z = X + Y and associated bonus are Outcome Proc. Time Bonus Prob The expected value of the bonus/penalty is zero, against 0.17 million. So it is worthwhile to do the replacement.

49 : Useful URL A detailed discussion of decision trees and several examples can be found at the following URL:

50 Outline Introduction 1 Introduction 2 Gantt Chart PERT Charts Critical Path Method (CPM) 3 4

51 General Philosophy Event trees and decision trees are forward-looking they start with initiating events, follow up on subsequent events, and end at the set of final outcomes. Fault trees are backward-looking they start with the failure state, and work backwards to see what all events can lead to the failure. Then they compute (or estimate) the probability of at least one of these events occurring. Unlike event trees, fault trees use Boolean algebra to analyze failures. Every random variable in the system is taken as binary, with an appropriate probability of equalling 0 or 1. Every intermediate variable is an and or or of two or more input variables (or their negations).

52 Standard Symbolism for Basic Event OR gate AND gate Each gate can have multiple inputs, some of which are negated, but only one output.

53 Simple Example: Generator Back-Up System When a generator fails, the system switches over to a battery back-up. But if the switch or the battery fails, then the back-up also fails. How do we represent this graphically?

54 Fault Tree Representation System Failure Gen. Failure Switch Failure Battery Failure

55 Boolean Representation We can write the event System Failure (F ) as a Boolean variable in terms of the basic Boolean variables Generator Failure (G), Switch Failure (S) and Battery Failure (B). Recall the following standard facts about Boolean algebra: X Y (X and Y ) = XY or X Y. X Y (X or Y ) = X + Y. So the generator back-up system can be represented as F = G(S + B).

56 Minimal Cutsets A minimal cutset is a set of Boolean variables such that Setting every variable to True causes the top event to be True. Setting any proper subset to True does not necessarily cause the top event to be True.

57 Minimal Cutsets of Back-Up Example Because F = G(S + B), there are two minimal cutsets: {G, S} and {G, B}. So the failure probability is the total probability that either the generator and switch fail together, or that the generator and battery fail together. If we assume that all these events are independent, then the total failure probability is P (G)P (S) + P (G)P (B). Even if the events are not necessarily independent, this gives a quick upper bound.

58 Identifying Minimal Cutsets in Large Even in very large fault trees, it is possible to identify minimal cutsets efficiently. Start from the top event. If it is an AND gate, each input must be true (or false if one input is negated). If it is an OR gate, any one input must be true. Repeat all the way down. This approach can be automated, making this a very practical approach.

59 Constructing One of the major advantages of fault trees is that it is possible to construct models for individual subsystems, and then aggregate them to get a fault tree for the overall system. This is highly desirable because usually no one has a thorough understanding of every single component. Also, there exist algorithms for constructing minimal cutsets for quite large fault trees, thus enhancing the applicability of the approach.

60 Combining and Often event trees are very simplified representations of complex systems, where each node represents a fairly complex subsystem. Fault trees can be used to construct very elaborate representations of each subsystem, and also to provide worst case failure probabilities of each subsystem. These numbers can then be used in the event tree analysis.

61 Outline Introduction 1 Introduction 2 Gantt Chart PERT Charts Critical Path Method (CPM) 3 4

62 : Philosophy Bayesian networks are a way of representing conditional dependence among random variables. Each node represents one of the possible values of a random variable. Edges pointing into that node are weighted by the conditional probability of the present node given the previous node. So the weight of an edge from the node X = a to the node Y = b is Pr{Y = b X = a}. In explicitly permitting random variables to be dependent, Bayesian networks are more general than event trees or fault trees. However, even Bayesian networks permit only one-step dependence as we shall see.

63 Bayesian Network Example 1 Consider the two-stage processing example studied earlier: Input X Y Output Suppose X takes values in {7, 8, 9} while Y takes values in {4, 5, 6}.

64 Bayesian Network Example 1 (Cont d) Suppose the joint probability distribution of X and Y is given by Y X

65 Bayesian Network Example 1 (Cont d) The marginal distribution of X by itself is [ ], and the matrix of conditional probabilities of Y for various outcomes of Y : Y X This can be represented by a Bayesian Network as shown in the next slide.

66 Bayesian Network Example 1 (Cont d) X = Y = Start X = Y = 5 X = Y = 6 But Z = X + Y cannot be efficiently represented by a Bayesian network because Z depends on both X and Y.

67 Bayesian Network Example 2 Bayesian networks are capable of capturing only one-step memory. Consider the three-stage manufacturing process below. Input X Y Z Output Bayesian networks can accommodate the case where Y depends on X and Z depends on Y alone, but not the case where Y depends on X and Z depends on both Y and X.

68 Bayesian Belief Networks Bayesian networks are very popular in artificial intelligence (AI) circles, because the actual conditional probabilities can be replaced by one s beliefs as to what those conditional probabilities ought to be. By treating these beliefs as actual conditional probabilities, the beliefs can be propagated along the network. Since different human experts are knowledgeable about different parts of the network (and can thus give realistic beliefs ), while being ignorant about everything else, Bayesian networks provide a simple and mathematically valid procedure for combining beliefs from different humans.

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