Join Bob McGannon for an in-depth discussion in this video Performing quantitative risk analysis, part of Project Management Foundations: Risk.
Project risks can be like ghosts,…they can haunt you if you don't address them.…Constantly waiting to catch you when you're…distracted, risks need your attention before…they cause chaos on your project.…So, how do you know what risks to address…and when you need to purge them from your project?…First, after you've performed a qualitative…analysis, you then conduct a quantitative…risk analysis on your most substantial risks.…Quantitative Analysis is the process that…guides you on how much you can spend to address a risk.…
For example, you don't want to spend…10,000 dollars to address a risk that will…cost you 5,000 dollars.…I want to share with you a few steps that…you can take that will help you insure…you're addressing the right risks on your project.…The first step is to look more closely at…the probability of each risk occurring.…Because we're looking for a more refined…estimate in this quantitative analysis…stage, I would assign a probability in increments of 10.…So ten percent, twenty percent and so forth.…
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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.