The point of doing it is to prioritise individual risks by looking at how likely they are to happen (probability of occurrence) and how bad they would be for the project if they did happen (impact). Perform Qualitative Risk Analysis is the third process in the Knowledge Area of Project Risk Management. It’s what most of us would recognise as an important step in project risk management – the part where we decide which are the risks we are going to focus on because we don’t have time to spend effort on all of them. Qualitative risk analysis is simply the process of prioritising the risk based on probability of occurrence and impact, as well as some other characteristics if they are relevant. What is it, apart from being a word that lots of people (myself included) stumble over and get confused with quantitative risk analysis (more on that next time). Read part 7 here: Identify Risks Process What is qualitative risk analysis? Read part 6 here: The Risk Management Plan Read part 5 here: Planning Risk Management Read part 4 here: Tailoring Risk Management Read part 3 here: Trends and Emerging Practices in Project Risk Management (Part B) Read part 2 here: Trends and Emerging Practices in Project Risk Management (Part A) Read part 1 here: An introduction to risk management In case you missed them, and to save you a job digging through the archives, here are the quick links back to the previous instalments: I did not expect this to turn into so many parts, but risk management is an in-depth topic and there’s a lot to cover! This article is part eight of my look into project risk management, and today the topic is qualitative risk analysis.
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