Using Qualitative Risk Analysis Pmbok Section

The first, and somewhat shallow, risk analysis is qualitative analysis. Qualitative risk analysis "qualifies" the risks that have been identified in the project. Specifically, qualitative risk analysis examines and prioritizes the risks based on their probability of occurring and the impact on the project if the risks do occur. Qualitative risk analysis is a broad approach to ranking risks by priority, which then guides the risk reaction process. The end result of qualitative risk analysis (once risks have been identified and prioritized) can either lead to more in-depth quantitative risk analysis or move directly into risk response planning.

The status of the project will also affect the process of qualitative risk analysis. Early in the project, there may be several risks that have not yet surfaced. Later in the project, new risks may become evident and need to pass through qualitative analysis. The status of the project is linked to the available time needed to analyze and study the risks. There may be more time early in the project, while a looming deadline near the project's end may create a sense of urgency to find a solution for the newly identified risks.

Project Management Made Easy

Project Management Made Easy

What you need to know about… Project Management Made Easy! Project management consists of more than just a large building project and can encompass small projects as well. No matter what the size of your project, you need to have some sort of project management. How you manage your project has everything to do with its outcome.

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