Overview of Tools & Techniques used in Qualitative Risk Analysis

In the previous section, we covered all the inputs we will need in order to effectively perform the Qualitative Risk Analysis step of Risk Management in your project. The next logical step is to apply some tools & techniques on these input in order to kick-start our Risk Analysis activities.

There are a total of 6 tools & techniques that we are going to learn in this section. They are:

1. Risk Probability & Impact Assessment
2. Probability & Impact Matrix
3. Risk Data Quality Assessment
4. Risk Categorization
5. Risk Urgency Assessment
6. Expert Judgment

Not all projects require us to use all of these tools or techniques. Projects vary in type, length, circumstances etc. Some tools that are very useful for a certain kind of project may not be so useful for a different kind of project. So, it is up to us to decide which tools are best suited for our project’s needs and utilize them effectively.

Trivia:

Do you remember that all risks are analyzed, assessed and prioritized based on the Stakeholder Risk Tolerance levels, probability & impact definitions etc that were defined in the Risk Management Plan? If you don’t, I strongly suggest you revisit the chapter titled “Creating the Risk Management Plan” and refresh your memory on the same.

Let me remind you that this chapter is just an overview of the tools & techniques we are going to use in Qualitative Risk Analysis. We will be taking a detailed look at each of these tools/techniques one by one in the following chapters in this section.

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Next: Risk Probability & Impact Assessment