Perform Qualitative Risk Analysis is part of the “Risk Management” Knowledge Area, and is part of the “Planning” Process Group.
Perform Qualitative Risk Analysis is the process of prioritizing risks for further analysis or action by assessing and combining their probability of occurrence and impact. The key benefit of this process is that it enables project managers to reduce the level of uncertainty and to focus on high-priority risks.
Perform Qualitative Risk Analysis assesses the priority of identified risks using their relative probability or likelihood of occurrence, the corresponding impact on project objectives if the risks occur, as well as other factors such as the time frame for response and the organization?s risk tolerance associated with the project constraints of cost, schedule, scope, and quality. Such assessments reflect the risk attitude of the project team and other stakeholders. Effective assessment therefore requires explicit identification and management of the risk approaches of key participants in the Perform Qualitative Risk Analysis process. Where these risk approaches introduce bias into the assessment of identified risks, attention should be paid to identifying bias and correcting for it.
Establishing definitions of the levels of probability and impact can reduce the influence of bias. The time criticality of risk-related actions may magnify the importance of a risk. An evaluation of the quality of the available information on project risks also helps to clarify the assessment of the risk?s importance to the project.
Perform Qualitative Risk Analysis is usually a rapid and cost-effective means of establishing priorities for Plan Risk Responses and lays the foundation for Perform Quantitative Risk Analysis, if required. The Perform Qualitative Risk Analysis process is performed regularly throughout the project life cycle, as defined in the project?s risk management plan. This process can lead into Perform Quantitative Risk Analysis (Section 11.4) or directly into Plan Risk Responses (Section 11.5).
This definition was found in the PMBOK V5
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Perform Qualitative Risk Analysis has:
Inputs:
- Enterprise Environmental Factors
- Organizational Process Assets
- Risk Management Plan
- Risk register
- Scope Baseline
Outputs:
- Project documents updates
Tools and techniques:
- Expert judgment
- Probability and impact matrix
- Risk Categorization
- Risk data quality assessment
- Risk Probability and impact assessment
- Risk Urgency assessment
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