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Transcript for Project Risk Management, Perform Qualitative Risk Analysis:
While Risk Identification is the process of identifying all possible risks, but in reality it's not a good idea to work on finding workaround or responses on all the risks. This is because of the impact of the risk may be so negligible in some cases that it's not worth worrying about that risk.But, out of many risks identified, which one you shall work on priority. That's done after analyzing the risk. The obvious inputs to this process are Risk register and Risk Management Plan.
The first technique of Qualitative risk analysis is to find out the accuracy of the risk data. This means really finding out whether the risks are a real
risk or not!Once the accuracy of the risk data is verified, the next step is to find out which risks need to be addressed on priority and analyzing them on priority.
The analysis is done by classifying the risk probability and impact into High, Medium and Low.With this analysis, if a Risk has both high probability as well as high impact, that needs to be addressed first than any other risks.
The output of this process is prioritized risks with their probability and impact ratings. The process also results in a list of risks that require further
analysis, because the data available might not be sufficient enough to determine their probability and impact.
