Tools and Techniques for Perform Qualitative Risk Analysis

The Perform Qualitative Risk Analysis process's tools and techniques are primarily concerned with discovering the probability of a risk event and determining the impact (or consequences) the risk will have if it does occur. The output of this process is a risk register update where you'll document the prioritized risks you've scored using these tools and techniques. All the information you gather regarding risks and probability needs to be as accurate as possible. It's also important that you gather unbiased information so that you don't unintentionally overlook risks with great potential or consequences.

The purpose of this process is to determine risk event probability and risk impact. You'll use the tools and techniques of this process to establish risk scores, which is a way of categorizing the probability and risk impact. The Perform Qualitative Risk Analysis process includes the following tools and techniques:

■ Risk probability and impact assessment

■ Probability and impact matrix

■ Risk data quality assessment

■ Risk categorization

■ Risk urgency assessment

■ Expert judgment

We'll look at each of these tools and techniques next.

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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