Decision support for operational risk trade-offs

Step 0 of 6: Introduction

Before You Start

How to answer questions:

Use real data if you have them
– e.g. actuarial loss records, maintenance logs, or incident reports.

If you don't:
– Ask ChatGPT to suggest a realistic approximation.
– Always check the sources it cites and apply common sense.

Still unsure?
– Ask ChatGPT how to estimate it yourself (ratios, analogies, or rule-of-thumb methods).

What You'll Get

After a few quick steps, you'll see:

  • The expected loss if you do nothing
  • The cost and benefit of each control option
  • A balance view showing which option makes most sense financially