Handle Uncertainty | Identify Sensitivities | Determine Thresholds
Anticipate the risks associated with potential decisions and current situations to proactively build resilience and avoid reaching your business thresholds
— Quantify Risk
Create thousands or even millions of scenarios using Monte Carlo simulation to explore the likelihood of all potential outcome under different variations of assumptions.
— Compare Scenarios
Use hierarchical scenarios to evaluate and compare the outcome of compound or sequential decisions and events.
— Discover Sensitivities
Reveal all the factors that your target outcome depends on and evaluate the degree to which it is sensitive to changes with automated sensitivity analysis.
— Assess Impact
Identify, assess, and manage the risks associated with a given activity or event with probability/impact analysis.
Calculate the Odds of Success
When assessing the outcome of any decision, it is important to consider not only the potential benefits and costs that may arise from it, but also the probability of it succeeding in light of different internal and external forces. It is critical to have an understanding of the effect of its failure on the overall business. Strategic failures are critical because they could lead the business beyond its pain tolerance threshold, resulting in long-term setbacks and even permanent damage.
This makes quantitative risk measures like confidence intervals and value at risk (VaR) an important part of a comprehensive strategic plan, as it allows you to accurately assess the potential risks associated with your decisions, calculate the chances of success, and determine what will failure entail. This will enable you to properly weigh the risk of any given decision against its potential reward before commit to an action. In addition, you will be in a better position to anticipate potential problems that may arise, allowing you to prepare for them in advance and increase the chances of success.
Using Vireton Foresight’s Strategic Risk Management capabilities, you will be in a better position to pinpoint the exact areas of the plan that could be optimized in order to ensure greater success. You will also be able to reveal any gaps in the plan, and allow for corrective measures to be taken to fill those gaps or limit the severity of an undesirable outcome.