11.3 - Perform Qualitative Risk Analysis

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Process Definition

Qualitative risk analysis lists risks, in order, based on their expected level of project impact from the greatest impact to the least.  The greater the impact, the more important it is to analyze and develop a plan to either eliminate or mitigate the risk potential.  Prioritization of those items determined to be of lesser or little impact, will occur at a later date.

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Figure 23. Perform Qualitative Risk Analysis: Inputs, Tools and Techniques, and Outputs. Reprinted from "A Guide to the Project Management Body of Knowledge (PMBOK Guide), 5th Edition" by Project Management Institute, 2013, p. 328. Copyright 2013 by Project Management Institute, Inc. Reprinted without permission.

Process Assessment 

Qualitative risk analysis is a quick and effective process that project managers can use to determine risk impact.  Unlike quantitative risk analysis, where data must be available to analyze, qualitative risk analysis can be performed easily and is based on experience and project knowledge.  The beauty of this process is that is can be used during the project life cycle to help determine how a new or potential risk might impact the existing process.  Remaining proactive, rather than reactive, will help ensure project success.

 

 

ARTIFACTS

  1. PMGT 613 Risk Register: This PMGT 613 group assignment establishes the risk register as an input to the Qualitative Risk Analysis Process.  The register provides a key input to continued risk analysis.
  2. Probability and Impact Matrix: This PMGT 613 assignment qualitatively analyzes risk for probability and impact, as a technique in the Qualitative Risk Analysis Process.
  3. Expert JudgementThis PMGT 613 WBS 3.3 Blog compares the Pros & Cons of Qualitative and Quantitative Analysis as a tool & technique used in the Qualitative Risk Analysis Process.

 

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