Qualitative Risk Analysis
Once the risks facing the project are identified, a determination of their relative priority for attention by the project team and resource investment by the organization must be determined. This is achieved through the risk analysis methods. Of course, qualitative risk analysis is the simplest and most useful method in terms of quickly determining the relative priority of risks, while also posing the most danger to a project.
Books & Resources:
Book
Project Management Institute. 2013 A guide to the project management body of knowledge (PMBOK ® Guide)
Instruction:Read pages 328-333.
Cooper, D., Bosnich, P., Grey, S., Purdy, G., Raymond, G., Walker, P., & Wood, M. 2014 Project Risk Management Guidelines
Instruction:Read pages 77-94.
Heldman, K. (2005). Project manager's spotlight on risk management. http://site.ebrary.com.proxy1.ncu.edu/lib/ncent/docDetail.action?
Instruction:Read pages 123-135
Website Link
LaMendola, D. (2010). Perform qualitative risk analysis [Video file]. https://www.youtube.com/watch?
Instruction:Watch video.
Article/Journal
Thamhain, H. (2013). Managing Risks in Complex Projects. http://proxy1.ncu.edu/login?://search.ebscohost.com/login.aspx?&&&-live
Instruction:Read article
Assignment: Apply a Qualitative Risk Analysis: Presentation and Exercise
Instructions:
For the project you conceived in the Week 2 assignment, you were asked to prepare a PowerPoint presentation that will educate the project team about qualitative risk analysis and demonstrate how it is used to analyze the risks identified in your Week 2 assignment. Ensure you explain where qualitative risk analysis fits into the six risk management processes identified in the PMBOK ® Guide (2013), the concepts of Likelihood and Impact (alternatively referred to as Consequences) as they pertain to qualitative risk analysis, and the Risk Register. Think about who your target audience is and how your topic affects them.
Additionally, assess Likelihood, Impact (or Consequence), and Risk Priority qualitatively, using words like High, Medium, and Low for each of the risks you identified in Week 2. Do not assign numerical scores in this exercise. Note that some authors consider numerical ratings (rather than descriptive ratings like High, Medium, and Low) of Likelihood and Impact as qualitative risk analysis, some refer to it as semi-quantitative risk analysis, and others refer to it as quantitative risk analysis. In this course, we will use descriptive ratings in Week 3 and numerical ratings in Week 4.
Incorporate appropriate animations, transitions, and graphics as well as "speaker notes" for each slide. The speaker notes may be comprised of brief paragraphs or bulleted lists.
Length: 12-15 slides (with a separate reference slide)
Notes Length: 100-150 words for each slide