Introducing Project Risk Management - Definitions Project Risk Management

7 important questions on Introducing Project Risk Management - Definitions Project Risk Management

Cause-and-effect diagram

Used for root-cause analysis of what factors are creating the risks within the project. The goal is to identify and treat the root of the problem, not the symptom.

Decision tree analysis

A type of analysis that determines which of two decisions is the best. The decision tree assists in calculating the value of the decision and determining which decision costs the least.

Qualitative risk analysis

An examination and prioritization of the risks based on their probability of occurring and the impact of the project if they do occur. Qualitative risk analysis guide the risk reaction process.

Quantitative risk analysis

A numerical assessment of the probability and impact of the identified risks. Quantitative risk analysis also creates an overall risk score for the project.

Risk management plan

A subsidiary project plan for determining how risks will be identified, how quantitative and qualitative analyses will be completed, how risk response planning will happen, how risks will be monitored, and how ongoing risk management activities will occur throughout the project life cycle.

Scales of probability and impact

Used in a risk matrix in both qualitative and quantitative risk analyses to score each risks's probability and impact.

System or process flowcharts

Show the relationship between components and how the overall process works. They are useful for identifying risks between system components.

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