4. Project. Risk Analysis | Risk Qualification. Student

Added on - 16 Sep 2019

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1ProjectRisk Analysis | Risk QualificationStudentIDUniversity
2Risk is defined as any untoward occurrence which has negative results in the process and hasnegative impact on overall functioning of an organization.Risk Analysis is assessment of risks and prioritizing the risks through set of tools and techniquesin order to assess the damage to be done due to particular Risk.Risks has two Primary components,These are, 1. Risk Probability or in other terms Probability of occurrence of any riskAnd the other component is 2. Impact of particular risk.Risk Analysis is part of overall Risk Management Process.The Figure below is highlight of complete Risk Management Process.Figure1
3As mentioned in figure 1, Risk Analysis is to find out answers for, what are the likelihood andconsequences of the risk?Risk Analysis is done in two ways,1.Qualitative Risk Analysis, &2.Quantitative Risk AnalysisQualitative Risk Analysis is defined as analyzing the risk qualitatively. In other wordsdetailed description analysis of risk is carried out in Qualitative Risk Analysis. QualitativeRisk analysis doesn’t counts the numerical values of probability or impact values; it dependson describing the probability and impact of the risks (Bansal, S., 2014).Qualitative Risk Analysis inputs are Risk register, Risk Management Plan, Scope Baseline &historical evidences helpful to find out accurate analysis reports.Qualitative Risk Analysis outputs are Probability matrix description, Impact scoresdescription and conclusion or comment section (Stackpole, C.S., 2017).Relationship between Risk Analysis, Probability and Impact (Consequences) is,Risk =f(probability, consequences)
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