11.3 Perform Qualitative Risk Management
Process Definition
Qualitative risk management is the process of analyzing the identified project risks by order of priority. This analysis will determine the probability of occurrence and impact of each risk.
Figure 26. Project Management Body of Knowledge Figure 11-8. Reprinted from "A Guide to the Project Management Body of Knowledge (PMBOK Guide), 5th Edition" by Project Management Institute, 2013, p. 232. Copyright 2013 by Project Management Institute, Inc. Reprinted without permission.
Process Assessment
Qualitative analysis of risks will give the project manager sufficient data points to determine which risks need to be focused on by reducing levels of uncertainty. From this a priority can truly be determined for each risk. Like any analysis bias error can skew data. Therefore the project manager should be very vigilant in determining bias and correcting for it.
(Inputs) Risk Register
The risk register is a list of identified risks with detailed information on the impact of the risk, its threat level and type. This example is from a group project in PMGT 613 Assessing and Managing Project Risk, written by Jeremy Curbey, Kevin Bundi, Benjamin Lundy, Sonya Slater, and Domingo Tuckler.
(Tools & Techniques) Probability and Impact Matrix
The probability and impact matrix analysis risks based on a rating system. Each risk is given a rating depicting its assessed probability of occurrence and impact to the project. This example is from a group project in PMGT 613 Assessing and Managing Project Risk, written by Jeremy Curbey, Kevin Bundi, Benjamin Lundy, Sonya Slater, and Domingo Tuckler.
(Outputs) Project Documents Updates
It is important to update any effected project documents once an analysis has been completed. This example discusses how to update and report project risk results. This example is from a group project in PMGT 613 Assessing and Managing Project Risk, written by Jeremy Curbey, Kevin Bundi, Benjamin Lundy, Sonya Slater, and Domingo Tuckler.