Assignment:
Qualitative and Quantitative Risk Analysis
Introduction
Major and Minor Risks
[GUIDANCE: Analyze project risk to identify major and minor risks associated with the project (both threats and opportunities).]
Risk Probability
[GUIDANCE: Integrate qualitative and quantitative risk analysis techniques to identify methods for use in evaluating the probability of a risk event. Qualitative analysis tools include risk probability and impact assessment, probability and impact matrix, risk data quality assessment, risk categorization, expert judgment, and risk urgency assessment. Quantitative analysis tools include interviewing, probability distributions, sensitivity analysis, expected value analysis, and modeling and simulation.]
Risk Data Quality Strategy
[GUIDANCE: Define the process and tools to be used to determine the quality of data for use in assessing project risk. Please see Risk Probability section above for tools and techniques suggestions]
Risk Reviews
[GUIDANCE: Define the process, tools, and techniques to be followed for risk reviews to be conducted throughout the project lifecycle.]
Project Risk Matrix
[GUIDANCE: Risk matrices are at the core of solving problems before they have an impact on the project scope, cost, schedule, and product quality. Clearly one may categorize risks on what they are going to impact or the type of risk. For example, there may be risks because of the personnel on the team (they may need training on a new technology or if one team member is sick, his/her contribution/expertise will be lost) or there have been problems in the past with a certain vendor and so forth.
However, another way of looking at it is whether the risks may fit into three different scenarios:
• Known, knowns. (It is known when the risk may occur and what it is.)
• Unknown, knowns. (It is unknown when the risk may occur but it is a known entity.)
• Unknown, Unknowns. (Neither the timing nor the risk is known, a surprise.)
There are many ways to categorize and order risks so that the project manager and the team will be on top of the situation and will be able to mitigate or control the risks when they occur. The important part of the risk matrix is to make sure that you have identified both individual project risks and overall project risks (those that impact the project exposure and success) and that there are defined actions associated with project objectives that utilize the risk probabilities and impacts definitions defined in Assessment Scales & Definition Table section of the template. Provide both positive (opportunities) and negative (threat) type risks.]
Updates to the Risk Register:
[GUIDANCE: Please include a brief description of the risk registry updates from the Risk Qualitative and Quantitative Analyses here and update the risk register (Assessment Data columns) with the details and attach Excel spreadsheet with assignment submission (along with Project Risk Management Plan).