Perform Qualitative Risk Analysis in Project Management

Most of times I had struggles while dealing with risks that I encountered during projects. However, if we are well aware of the possible effects of the risks uncovered and the probabilities of their occurrence, then our job becomes easier. 

In this process we rely on creating different scenarios and it includes very much brainstorming. Qualitative risk analysis is a process of assessing risks based on expert judgment and experience. For this, you need to rely heavily on your intuition and benefit from your experience.

Risk management plan: In this document, it tells you actually what to do in this process and how to execute it.

Risk register: Thanks to this document, we can see the risks to be analyzed. It is used in this process to arrange risks according to their importance.

Stakeholder register: By referencing the stakeholder register, project teams can map each identified risk to the relevant stakeholders. This mapping helps in understanding which stakeholders are more likely to be affected by specific risks and aids in developing targeted risk response strategies.

Assumption log Assumptions are used to create contingency plans.

Enterprise Environmental Factors: By using this input you can benefit from similar projects conducted in other organizations. Previously prepared industrial databases can be used in this scope. 

Organizational Process Assets: Probably your organization completed project that resembles with your project before. You can benefit from them by considering organizational process assets.

Outputs updated

Risk report: It is updated as a result of this process.

Risk register: New risks could be identifed after implementing this process.

Issue log: New issues may emerge as a result of this process.

Assumption log: Assumptions needs to be revised after this process.

Tools and Techniques

Interviews: You can extract beneficial experiences by using interviews.

Risk data quality assessment: You need to be confident about  the data you have is relevant and appropriate for qualitative analysis. For this reason it is useful here.

Risk probability and impact assessment: This approach is the core of this process. It is the key of reaching the goals determined at the beginning of the process.

Assessment of other risk parameters: All kinds of parameters should be assessed in order to analyze risks efficiently.

Probability and impact matrix: This matrix is essential for risk analysis as it shows what we need essentially.

Hierarchical charts : Shows us the hierarchical relationship between identified risks.

Risk categorization: It will make the job of the project team easier by seeing all risk in categories.

Facilitation: It shows ways for discussions of more than one people. So it is important.

Meetings: In regular meetings collecting opinions about the impact of risks will be easier.

Expert judgment: Since qualititative analyses are based on personal experiences, expert judgements are quite useful here.

See Also:



Comments:
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.
2- Levi 02.02.2023
Merci, for this article.

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