In my previous article, I have looked at some of the steps that you need to take in determining some of the risks that are likely to impact on your project. In this article, I will be showing you how to perform Qualitative analysis for projects. Follow me as we look at this together.
#1: USE RISK REGISTER
The first step in performing qualitative risk analysis for your ongoing project is to identify the list of identified risks that are likely to impact on your project. You need to know if all risks have been identified for your project. Most at times, you need to engage stakeholders in order to identify all these risks.
The next thing in performing qualitative risk analysis is to ask yourself if all these risks have been completely documented. Documenting the risk will you to come up with response strategies for the risks.
#2: ANALYSE THE DATA
There is the need for you to analyse the data when doing qualitative risk analysis for your project. When doing this, you need to assign a data precision score.
You need to know if the source of the data fully understand the risk. This is due to the fact that if the source of the data is wrong, the answer can never be right.
You also need to know if the source of the data you are using for Qualitative risk analysis is trustworthy and reliable. The more reliable the source is, the better. That is why it is better at times to get your information from past projects or Subject Matter Expert.
In doing Qualitative Risk analysis for a project, you need to know if the source of the data that you have is sufficient enough to analyse the risk. That is why you have to engage stakeholders in getting all the data that you need in order to analyse the risk effectively.
Also, you need to know the percentage plus or minus for the accuracy and quality of your data. Knowing this will help you to know whether you need more data or not for your analyses.
When performing Qualitative risk analyses, you will need further monitoring of the data in order to mitigate those risks when they eventually occur. You need to use a well-defined#6 probability and impact scale to discover if a particular risk is going to occur and the impact it will have on your project.
#3: RISK FACTOR SCORE
When doing qualitative risk analysis for your project, you need to discover risk factor scores using a probability and impact matrix for your risk analysis. This will help you to know how to tackle those risk if they eventually occur as well.
#4: PRIORITIZE THE RISK
In analyzing and perform Qualitative risk analysis for your project, you need to prioritize the risk according to your project management plan. You should identify those risks that are going to require further analysis for your project. There is the need for you to determine the overall risk for the project and compare it with the organization risk threshold.
#5: DOCUMENT ALL CHANGES
In performing qualitative risk analysis, there is the need for you to document all the changes that you have noticed while trying to document and analyse your project risk. You need to know that all changes need to pass through the Change Control Board before it can be implemented.
You need to use all a well-defined probability and impact scale to discover if a particular risk is going to occur and the impact it will have on your project. This will help you to activate all this risk response when they eventually occur. It will also help you to know if you need to place a particular risk under further scrutiny.
In performing qualitative risk analysis for your project, you need to determine the organization risk threshold. That means you need to know if you stakeholders are risk seeking or risk averse.
You need to know how far they will be willing to go as far as risk taking is concerned in dollar terms.
#7: ANALYSE THE ASSUMPTIONS
There are some things that you will always assume to be true in order for your project to move on. As your project moves on, you still need to be confirming whether the assumptions are true or not. When you now notice any change as far as your assumption is concerned, you need to seek the assistance of experts in order to correct the anomalies noticed within your project.
#8: ANALYSE THE PROBABILITY
In identifying qualitative risk analysis for your project, you need to analyse the probability of occurrence of such risk as well the impact that such will have on your project when it eventually occurs. Knowing this will help you to take on the project squarely and address those risks that have greatest impact first.
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