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11.3 Perform Qualitative Risk Analysis Process.
Chapter 11: Project Risk Management Knowledge Area:-
11.1 Plan Risk Management Process: http://whatispmp.com/plan-risk-management/
11.2 Risk Identification Process: http://whatispmp.com/risks-identification-process/
11.3 Perform Qualitative Risk Analysis Process: http://whatispmp.com/perform-qualitative-risk-analysis/
11.4 Perform Quantitative Risk Analysis Process: http://whatispmp.com/perform-quantitative-risk-analysis/
11.5 Plan Risk Responses Process: http://whatispmp.com/plan-risk-responses/
11.6 Monitor and Control Risks Process: http://whatispmp.com/monitor-and-control-risks-process/
11.7 Risk Tolerance: http://whatispmp.com/risk-tolerance/
11.8 Risk Roles and Responsibilities: http://whatispmp.com/risk-roles-and-responsibilities/
11.3 Perform Qualitative Risk Analysis Process | Project Risk Management.
Perform Qualitative Risk Analysis follows risk identification, and it prioritizes risks based on their likelihood of occurring and their potential impact on the project objectives.
Prioritization is needed because risk identification uncovers a large number of risks having at least some potential to influence project objectives.
However, many of those risks will be of such a low priority or have such a small impact that it isn't cost-effective to address them, so qualitative analysis allows the project team to focus on the most important risks.
The risk register provides the list of identified risks to be evaluated, and the risk management plan provides the details on how probability and impact will be assessed and what risk scoring formula and ranking criteria will be used.
Risks are prioritized and ranked based on their overall risk rating score, but risks can also be prioritized by their expected monetary value, impact, or any combination of other methods.
11.3.1 Perform Qualitative Risk Analysis: Inputs
• Risk register
The risk register is a comprehensive list of all threats and opportunities the project faces. It also contains supplementary data about each risk, including its impact, probability, risk response, budget, risk owner, and contingency and fallback plans.
• Risk management plan
The risk management plan is a component of the project management plan. It details and defines the risk management activities for the project.
The plan establishes the risk methodology, risk roles and responsibilities, risk categories, probability and impact scales, risk tolerances, frequencies of risk management activities and reporting, and the budget and schedule for risk management activities.
• Project scope statement
The project scope statement details the measurable goals, objectives, deliverables, and requirements of the project, and what the acceptance criteria of deliverables will be. It also describes the work required to meet all objectives and deliverables of the project, and it also contains milestones, assumptions, risks, and costs.
The scope statement helps determine the impact a risk may have on the project’s objectives and may help determine its probability.
• Organizational process assets
Data from similar, past projects and risk databases will help determine impacts and probabilities.
11.3.2 Perform Qualitative Risk Analysis: Tools and Techniques
• Risk probability and impact assessment
This assessment investigates each identified risks to expose the probability and impact of all the project objectives. This data is used to prioritize or rank risks.
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PMP Tutorial ►►
This tutorial covers the following subject matter:
• Project Integration Management.
• Project Scope Management.
• Project Time Management.
• Project Cost Management.
• Project Quality Management.
• Project Human Resource Management.
• Project Communications Management.
• Project Risk Management.
• Project Procurement Management.
• Initiating Processes.
• Planning Processes.
• Executing Processes.
• Monitoring & Controlling Processes.
• Closing Processes.
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