Qualitative Risk Management is the process of analyzing and prioritizing risks based on their probability that they may occur along with their impact. This process will prioritize them on how impactful the risks are.
My understanding of qualitative risk analysis is that identifies the major risks in order of impact. Monthly stand up meeting in my work organizations have these risks identified throughout the presentation.
Perform Qualitative Risk Analysis: Inputs, Tools and Techniques, and Outputs. Reprinted from "A Guide to the Project Management Body of Knowledge (PMBOK Guide) 5th ed" by Project Management Institute, 2013, p.328. Copyright 2013 by PMI.Inc. Reprinted without permission.
1. Risk Register (Input): the risk register developed from the group project from PMGT 613. This contains the information that will be used to assess and prioritize risk.
2. Probability and Impact Matrix (Tools and Techniques): this matrix was taken from PMGT 613 group project. The matrix is a tool used for performing qualitative risk analysis. Risks can be prioritized for further quantitative analysis and planning.
3. Risk probability and Impact Assessment (Tools and Techniques): an essay explain the importance of assessing risk probability and their impacts through meetings. These meetings would include subject matter experts and key stakeholders.