Qualitative Risk Analysis: Risk Management - Case Study Analysis

This report delves into the realm of qualitative risk analysis within the context of project management. It explores the process of risk qualification, emphasizing the importance of utilizing risk matrices to assess and prioritize risks. The report outlines the development of a risk matrix, including the establishment of clear probability and impact scales, and the calculation of a risk score to categorize risks as low, medium, or high. It highlights the significance of these results in guiding the project team and manager in prioritizing the most critical risks for subsequent quantitative analysis. The report draws upon various sources, including the assigned text readings and the application of these concepts to real-world scenarios. The paper's structure reflects a comparative analysis of different authors' perspectives, incorporating insights and examples from personal/work experiences to demonstrate the practical application of the concepts. All sources are cited using the APA format.

Unit 4 Discussion Paper Instructions - Qualitative Risk Analysis
If (assumption only) you have a list of risks identified and loaded into the risk registers, you need
to prioritize which risks are the most important to focus our efforts on.
1. Discuss, design, the approach, process, and qualification rules by which you will perform
a risk qualification on the case study. Review the techniques that Prichard recommends
in Part II of his text.
2. At the heart of this process is the risk matrix. All of the course readings provide
examples of a risk matrix; feel free to use these as models. It is extremely important to
have clear measurement for probability and impact in the matrix. You should design
these probability and impact scales clearly.
3. Your matrix should enable you to calculate a risk score. You should define how the risk
score is calculated using your matrix. This score will ultimately be used to prioritize
which risks are low, medium, and high.
4. Consideration should be given in your discussion on how the output results will be used
by the project team and project manager to prioritize the most significant risks in the next
step of the risk management process, otherwise known as risk quantification. Note that
the more significant risks coming from the qualification step should have their probability
and impact estimated quantitatively during the risk quantification (next assignment).
Write a short paper (400-800 words in length) containing your answers. Successful papers
demonstrate:
 Thoughtful responses that compare/contrast/assess different authors' perspectives.
 Your insights as well as examples from your personal/work experiences that demonstrate
your ability to apply what you are learning.
 APA Citations documenting all Internet sources and assigned text readings that were used
to answer the questions.
 All references listed correctly at the end of the paper and cited properly using APA
in the paper.