Project Risk Assessment

Complete the second part of Section 2 – Risk Scope, Components, and Value of the risk management plan by applying qualitative and quantitative processes to identify sources of risk and the corresponding potential impact on project outcomes for your chosen case study or work project.

Risk identification includes qualitative and quantitative analysis to identify, evaluate, and assess risk.

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These processes support the examination and evaluation of risks. Other methods and processes—such as sensitivity analysis, expected monetary analysis, decision tree analysis, Monte Carlo simulation, and PERT tree analysis—provide unique approaches to evaluating and assessing risks.

Analyzing risk begins with identifying risks and recording them in your risk matrix or risk register.

The next step is to conduct a qualitative risk analysis to prioritize and rank the risks in your matrix.

This can save time and effort, because you will be able to focus on the typical 20 percent of the risks that often generate 80 percent of the threats to your project’s success. Next, each identified individual risk is evaluated based on the probability and potential impact to the project.

Following the qualitative analysis, a quantitative analysis may be performed for each high-priority risk, using various tools, such as a monetary or time analysis to assign a dollar amount or a number of days to the risk probability.

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