Analyzing Risks Using Qualitative Techniques

The Perform Qualitative Risk Analysis process involves determining what impact the identified risks will have on the project objectives and the probability they'll occur. It also ranks the risks in priority order according to their effect on the project objectives. This helps the team determine whether Perform Quantitative Risk Analysis should be performed or whether you can skip right to developing response plans. The Perform Qualitative Risk Analysis process also considers risk tolerance levels, especially as they relate to the project constraints (scope, time, cost, and quality) and the time frames of the potential risk events.

The Perform Qualitative Risk Analysis process should be performed throughout the project. This process is the one you'll find you'll use most often when prioritizing project risks because it's fast, relatively easy to perform, and cost effective. The PMBOKĀ® Guide notes that you should identify and manage the risk attitudes of those assisting with this process, and if bias is introduced, you should evaluate it and correct it if necessary.

Project Management Made Easy

Project Management Made Easy

What you need to know aboutā€¦ 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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