Home » Shop » 2022 – A New Comprehensive Risk Analysis Software, RMC-TotalRisk
C. Haden Smith, Woodrow L. Fields
U.S. Army Corps of Engineers, Risk Management Center
The U.S. Army Corps of Engineers (USACE) Risk Management Center (RMC) has developed a comprehensive risk analysis software, RMC-TotalRisk, to support dam and levee safety investment decisions. RMC-TotalRisk has an intuitive workflow to step the user through the required inputs, including importing hazard curves from RMC-BestFit and consequences estimates from LifeSim. The system response probabilities can be estimated using the built-in event tree tool. TotalRisk is also capable of running a full Monte Carlo analysis, simulating uncertainty in every input, with runtimes on the order of a few seconds to minutes. The software includes several useful output plots and diagnostics, and it also includes a sensitivity analysis option so the user can understand the driving inputs and the largest sources of uncertainty. The RMC-TotalRisk software can greatly enhance and expedite quantitative risk analyses, thereby improving risk-informed investment decisions.
ANCOLD is an incorporated voluntary association of organisations and individual professionals with an interest in dams in Australia.