Thursday, January 22, 2015

Perform Qualitative Risk Analysis - PMBOK

Process of prioritizing risks for further analysis or action by assessing and combining their probability of occurrence and risk.

Inputs:

  • Risk Management plan
  • Scope baseline
  • Risk register
  • EEF
  • OPAs


Tools and Techniques:

  • Risk probability and impact assessment
  • Probability and impact matrix
  • Risk data quality assessment
  • Risk categorization
  • Risk urgency assessment
  • Expert judgment
3 strategies to deal with threats or risks that may have negative impacts are: avoid, transfer and mitigate.

Fourth strategy is accept can be used for both negative as well as positive risks.

Avoidance and mitigate are good strategies for high impact and transfer and accept is for lower impact.

Cost-plus contract may transfer the cost risk to the buyer, while a fixed-price contract may transfer risk to the seller.

Outputs

  • Project document updates

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