Join Bob McGannon for an in-depth discussion in this video Performing qualitative risk analysis, part of Project Management Foundations: Risk.
Considering the number of potential risks…that could occur on any project,…every project manager faces a troubling dilemma.…How can you manage a project without spending…120% of your time managing all of the possible risks?…When will you ever get a chance to perform…the numerous other responsibilities…you're expected to fulfill?…The answer is to perform a qualitative risk analysis…to filter and prioritize your risks.…With qualitative analysis, you do this…based on a quick, high-level assessment of their probability…and impact of actually occurring.…
I will share the simple steps to use,…so you can do this quickly and efficiently.…First, you need to determine a straightforward…assessment for each risk's impact.…One way to keep it simple…is to work out what would make something…high, medium, and low risk for your project.…Would it genuinely blow out your budget,…or delay your project substantially?…These should be treated as high impacts.…A difficult, but manageable situation…would constitute medium impacts.…
If something would end up being…
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- Incorporating risk management into your project
- Identifying risk
- Categorizing risks
- Performing qualitative and quantitative risk analysis
- Building a risk-response plan
- Deciding when to execute a risk-response plan<br><br>
- The PMI Registered Education Provider logo is a registered mark of the Project Management Institute, Inc.