Perform Qualitative Risk Analysis in Project Management

Qualitative risk analysis is one of the project management processes tailored to accomplish a project's goals. Using processes and process groups can be beneficial when using a waterfall approach for describing the development process. As long as they are aligned with project management principles, you can still use good practices and standards to help, even if you have to customize your processes to your project and organization.

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 risk management process that will allow us to analyze these identified risks based on their qualities. There is also a quantitative 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 evaluating identified risks, creating and applying the correct risk responses. The essential point here, is to be 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.

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1- Max 07.01.2022
Please, more clarification for how to use risk-related documents such as risk reports, risk register, risk-adjusted backlog, etc.

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