[1] Without the use of these tools, techniques, documentation, and information systems, it can be challenging to effectively monitor these activities.
Market-level tools use market forces to make risk decisions between securities.
Component-level tools use the functions of probability and impact of individual risks to make decisions between resource allocations.
These tools are applications of PRA and allow planners to explicitly address uncertainty by identifying and generating metrics, parameterizing, prioritizing, and developing responses, and tracking risk from components, tasks or costs.
PRA, also called Likelihood-Consequence or Probability-Impact, is based upon single-point estimates of probability of occurrence, initiating event frequency, and recovery success (e.g., human intervention) of a specific consequence (e.g., cost or schedule delay).