Simple bow tie analysis can be conducted using straightforward templates like the one in Figure 3.

1. Identify the risk to be examined in the bow tie analysis.
2. Describe the risk, in the form [something happens] and leads to [a consequence for our objectives], and note the main risk analysis outcomes from the risk register.

Risk Analysis Methodologies are a process for identifying and analysing undesirable events or results of a process, and determining whether the risks are acceptable. If risks are unacceptable, the process may include recommendations and assessments of risk control measures.

There are two main types of risk assessment methodologies: quantitative and qualitative.

The Bow-tie model is a prospective risk assessment tool that can be conducted by several health care professionals to assess the potential risks in a certain department or intervention and offers a pictorial graphical presentation for easy understanding for all staff.

The Bowtie method is a risk evaluation method that can be used to analyse and demonstrate causal relationships in high risk scenarios. First of all, a Bowtie gives a visual summary of all plausible accident scenarios that could exist around a certain Hazard.

The Bowtie (Papion) analysis is a qualitative risk assessment methodology that provides a way to effectively communicate complex risk scenarios in an easy-to-understand graphical format and shows the relationship between the causes of unwanted events and escalation potential for loss and damage.

The Quantitative Risk Assessment method is the best for evaluating several alternatives for risk reduction, through a comparative analysis of the risk before and after the implementation followed by a cost-benefit analysis.

There are three types of risk assessments, baseline, issue-based and continuous risk assessments.

Different approaches to risk assessments can even be used within a single assessment.

• Qualitative Risk Assessments.
• Quantitative Risk Assessments.
• Generic Risk Assessments.
• Site-Specific Risk Assessments.
• Dynamic Risk Assessments.
• Remember.

BowTie is primarily a qualitative risk analysis tool. The method is designed to give a better overview of the situation in which certain risks are present; to help people understand the relationship between the risks and organizational factors.

A BowTie diagram is a form of risk assessment to identify these potential hazards. It is a visualization of the path a hazard may take “to cause a severe consequence and the combination of preventative and mitigative barriers … required to reduce the process safety risk” (Vaughen & Bloch, 2016).

The Bow Tie methodology is an excellent way of visualising risk management and communicating the context of the controls (barriers and mitigations) put in place to manage risks.

A risk bow-tie is a visual method through which all key knowledge regarding a risk can be portrayed on a single page. Bow-ties allow discussions and decisions to be made in an objective and rapid manner by organisations that use them.

Risk Evaluation Definition. Risk evaluation is defined by the Business Dictionary as: “Determination of risk management priorities through establishment of qualitative and/or quantitative relationships between benefits and associated risks.”.