Risk Analysis And Management: Qualitative Approach

What is Risk Analysis

It is a systematic process to estimate the level of risk for identified and approved risks. This involves estimating the probability of occurrence and consequence of occurrence and converting the result to a corresponding risk.

Risk analysis can be complex, as you will need to draw on detailed information such as

• project plans,

• financial data,

• Security Protocols,

• marketing protocol and forcasts,

• relevant information.

However, it is an essential planning tool, and one that could save time, money and reputations.

Qualitative Analysis

Qualitative analysis allows the main risk sources or factors to be identified.

This can be done for example-

• Brainstorming Sessions

• Interviews

• Checklists

When a qualitative risk analysis is performed, risk rating can be used an indication of the potential importance of risks on the program and mainly expressed as low, medium, and high(or Possibly low, medium low, medium, medium high, and high). Lets take examples which tells the probability of risks.

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