Qualitative Risk Analysis in Project Management

Running head: PROJECT MANAGEMENT
Project Management
Name of Student
Name of University
Author Note

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PROJECT MANAGEMENT
Table of Contents
Abstract................................................................................................................................2
Qualitative Risk Analysis....................................................................................................3
Analysis of the Risks...........................................................................................................4
References..........................................................................................................................13

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PROJECT MANAGEMENT
Abstract
Qualitative risk management is described as an effective technique of quantification of the risks
linked with a hazard. It is known to be a very simple and cost effective way for management of
the risks linked with a project. This method of risk analysis evaluates as well as documents the
risk probability in a pre-determined and pre-defined scale. The aim of the qualitative risk
analysis is to establish relative priorities linked with the individual project risks. Qualitative risk
analysis involve a number of techniques, which include effective data gathering, expert judgment
along with meetings to identify the risk that can affect the normal execution of a project. This
report discusses the risk that Hurricane Katerina might have on a particular project. An effective
risk management is performed to address all those risks so that those risks can be addressed or
mitigated. The report discusses the most significant risks that can be faced as an effect of the
Hurricane Katerina. The report further discusses the mitigation approaches that can be
undertaken to address the risks linked with the project.

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PROJECT MANAGEMENT
Qualitative Risk Analysis
Uncertainties are bound to be present in a particular project. Risk identification and the
assessment of the risks is considered to be a step by step process that ascertains effective
identification and mitigation of the risks (Feng, Wang & Li, 2014). Risk management is
considered to be an essential part of a good management practice as it prominently features the
uncertainties that the project might face. Risk management is important for a project as it helps
in taking better decisions (Yoe, 2019). Management of the risks is significantly important
because it contributes to easier completion of the project.
There are two techniques of risk identification and analysis of the risk, which are
qualitative risk analysis and quantitative risk analysis (Varajão, Colomo-Palacios & Silva, 2017).
The qualitative and quantitative technique of risk management are comprehensive tools, used for
identification and management of the risk.
There is a significant difference between the techniques of risk assessment followed in
qualitative and in quantitative risk management methodology (Modarres, 2016). In this report, a
qualitative process of risk analysis is considered for evaluation of the risk elated to Hurricane
Katerina. Hurricane Katerina has been an extremely destructive and deadly hurricane that
resulted in major landfall in Florida and in Louisiana (Cagliano, Grimaldi & Rafele, 2015). This
report evaluates the different risks that can be faced by a project as an effect of this deadly
hurricane. The process of risk management that is opted for this project is qualitative approach of
risk management.
PMBOK guide (2017), states the different approaches for identification and the
mitigation of the risks. The techniques include expert judgment, gathering of data and meeting.