Bow Tie Modelling
Lets look at this short video to cover how Bow Tie Modelling can work:
Pros
- Great for Qualitative assessment
- Great visualisation and communication of risk
- Reduces complexity
- Great in operational risk management situations
- Good in dynamic risk environments (can be changed to reflect the current situation easily)
Cons
- Not great for Qualitative assessment (but can be used for LOPA if you understand the constraints of the model)
- Not great for Strategic risk management (i.e. where there are a lot of options yet to be decided)
- Not a hazard identification method