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There are two main forms of Risk Analysis:
1. Qualitative Risk Analysis &
2. Quantitative Risk Analysis
Qualitative Risk Analysis
This is used to prioritize risks by estimating the probability of the occurrence of a risk and its impact on the project.
Quantitative Risk Analysis
This is used to perform numerical analysis to estimate the effect of each identified risk on the overall project objectives and deliverables.
Usually, you prioritize risks by performing qualitative analysis on them before you perform quantitative analysis. We will learn both one by one in the subsequent chapters.
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Qualitative analysis is analysis carried out to show the presence or absence of something whereas quantitative analysis is analysis carried out to determine the actual amount or concentration of something. hope this helps.
What is risk analysis?
Once the risks have been identified, you need to answer two main questions for each identified risk: 1. What are the odds that the risk will occur, 2. If it does occur, what will its impact be on the project objectives? You get the answers by performing risk analysis. There are two main forms of Risk Analysis: 1. Qualitative Risk Analysis & 2. Quantitative Risk Analysis
What is risk analysis and risk exposure and what are the techniques you can use to mitigate risk?
Once the risks have been identified, you need to answer two main questions for each identified risk: 1. What are the odds that the risk will occur, 2. If it does occur, what will its impact be on the project objectives? You get the answers by performing risk analysis. There are two main forms of Risk Analysis: 1. Qualitative Risk Analysis & 2. Quantitative Risk Analysis You Mitigate Risks by first analyzing the risks and then taking steps to ensure that the risks are prevented.handled during the course of your project execution
Who does risk analysis?
Usually the Project Manager in a Project Management environment.Once the risks have been identified, you need to answer two main questions for each identified risk:1. What are the odds that the risk will occur,2. If it does occur, what will its impact be on the project objectives?You get the answers by performing risk analysis.There are two main forms of Risk Analysis:1. Qualitative Risk Analysis &2. Quantitative Risk AnalysisQualitative Risk AnalysisThis is used to prioritize risks by estimating the probability of the occurrence of a risk and its impact on the project.Quantitative Risk AnalysisThis is used to perform numerical analysis to estimate the effect of each identified risk on the overall project objectives and deliverables.
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