Perform Qualitative Risk Analysis Process

Posted on April 3, 2009 by

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Perform Qualitative Risk Analysis is one of the 42 project management processes described in the fourth edition PMBOK®. It’s one of the six Risk knowledge area processes, and one of the twenty Planning processes. The purpose of this process is to perform a qualitative risk analysis, which prioritizes risks based on their probability of occurring and their potential impact. The Risk Register, which contains the list of project risks, is needed in addition to the Risk Management Plan, which contains pre-defined definitions of probability and impact. To perform the qualitative risk analysis, the probability of each risk occurring is estimated and this is multiplied by a number representing how severe the impact would be if the risk occurs. This assumes that the data is accurate—investigating the quality of the data is the tool of risk data quality assessment. The risks are then prioritized based on which have the largest ratings, as these will be the most important risks to invest in planning and monitoring. This information is then added to the Risk Register, and this update to the Risk Register is the only output to this process. For more on this topic, please see the earlier posting of Risk Register (posted March 27, 2009).