The implementation of qualitative risk analysis is:
- The process of prioritizing risks by evaluating the probability and impact of individual project risks and other characteristics, so as to provide a basis for subsequent analysis or actions.
- The main function of this process is to focus on high-priority risks.
To facilitate future analysis and actions, when prioritizing individual project risks, the project team may consider other risk characteristics, which may include:
- Urgency
- Proximity
- Incubation period
- Manageability
- Controllability
- Monitorability
- Connectivity
- Strategic influence
- Closeness
The implementation of quantitative risk analysis is:
- The process of quantitatively analyzing the impact of the identified individual project risks and other sources of uncertainty on the overall project objectives.
- The main function of this process is to quantify the overall project risk exposure and provide additional quantitative risk information to support risk response planning.
Update the risk report to reflect the results of the quantitative risk analysis, usually including:
- Evaluation results of overall project risk exposure
- Results of detailed probabilistic analysis of the project
- Prioritized list of individual project risks
- Trends in quantitative risk analysis results
- Risk response advice
