Perform Qualitative Risk Analysis Process

Perform qualitative risk analysis process is one of project management processes that are tailored group of actions in a project management endeavor in order to accomplish project objectives. 

The approach of processes and process groups can be used as a method in projects that use a descriptive waterfall development approach. Even if you still need to tailor your processes according to the needs and characteristics of your project and organization, a set of good practices and standards will help as it is the case for perform qualitative risk analysis process as long as we are aligned with project management principles.

At the stage of planning the project as part of planning performance domain, a list of risks that we may face during the project during the risk identification process was prepared. This was the risk register artifact. In the most simple terms, the qualitative risk analysis process is a project management process that will allow us to analyze these identified risks based on their qualities. There is also a quantitive risk analysis carried out as a different process to analyze risks in a numerical approach.

In various PM Exams, you will probably encounter questions about such questions as evaluating identified risks, creating and applying the correct risk responses. The essential point here, being able to create a risk response to all the risks we may face, to be prepared for anything that may come across. However, it is not possible for us to create an appropriate response to all the risks posed for reasons such as budget constraint, resource constraint, time constraint. However, if we do not create the appropriate responses, there will be some risks that will lead our project to disaster.

At this point, we need to identify these risks, which we call critical risks, and put all the risks that we define in order of importance. After placing the risks in order of importance, we will be able to see more clearly which risks are really worth spending our resources to create a response to. That is why, after determining what types of risks we may encounter, we need to analyze these risks qualitatively and quantitatively, and see if they are really worth creating a risk response.

Qualitative risk analysis-as the name implies is not based on numerical data, assessed according to the nature of the risk, expert opinion, past projects, experience, risk, risk analysis is performed to evaluate the quality of resources by type. We should bring qualitative analysis to mind in the questions where non-numerical considerations are taken into account in the PM exams.

Tools and techniques used in perform qualitative risk analysis process;

  • Interviews
  • Risk data quality assessment
  • Risk probability and impact assessment
  • Assessment of other risk parameters
  • Probability and impact matrix
  • Hierarchical charts
  • Risk categorization
  • Facilitation
  • Meetings
  • Expert judgment
Inputs to the perform qualitative risk analysis process;

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