risk_management_in_corporate

May 20th, 2015
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Arkansas Tech University
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Many kinds of risks can be identified in project however it will not be possible to take actions against all those risks. Thus QRA will further short list risks based on the probability of occurrence and impact on the project.

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Q1. Explain the various inputs and tools and techniques of qualitative risk analysis process.AnswerMany kinds of risks can be identified in project however it will not be possible to take actions against all those risks. Thus QRA will further short list risks based on the probability of occurrence and impact on the project. The risks shortlisted in this process will be further analysed in the next process and appropriate response planned for each of them. Other factors such as time frame for response and risk tolerance level based on cost, schedule and quality also comes under the qualitative analysis of risks. This analysis reflects stakeholders and team members risk attitude. Hence, the effective analysis requires explicit management of risk attitudes of team members and stakeholders in performing the qualitative risk analysis. If these risk attitudes bring any bias into risk identification process than these attitudes must be evaluated and corrected. Qualitative risk analysis is a cost-effective way of developing priorities for risk responses and thus forms basis for quantitative risk analysis.The major inputs required for qualitative risk analysis are: Risk register: The outputs obtained from the risk identification process form the initial entries into this risk register. This in turn forms the input to risk qualitative analysis. Risk management plan: The roles and responsibilities to perform the risk management, schedule activities, the probability and

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