Abstract
Traditional hazard vulnerability analysis (HVA) looks at probability and impact to determine risk. The results are often graphically displayed in an XY chart, and mitigation priorities are determined by risk ranking alone. This model is not sufficient, because it does not consider the cost of mitigation. The updated HVA looks at value, in which the traditional XY chart is expanded to a cube model in which the Z axis reflects cost. In a typical hospital HVA, where there may be over 50 different potential events, determining proximity to the perfect value point (high probability, high impact, low cost) allows a better ranking system when allocating scarce mitigation dollars.
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