What is step three of Composite risk management?

Answer 1

Step 3 of composite risk management will be Qualitative Risk Analysis. The steps in composite risk management are:

1. Plan Risk Management - Risk management planning is the process used to decide how the risk management activities for the project at hand will be performed.

2. Identify Risks - The Identify Risk Process is the process where we actually identify all those uncertain events that might affect our project or its outcome.

3. Perform Qualitative Risk Analysis - This is the process where we assess the Probability of the Risk event occurring and the Impact of the same. At the end of this process we will have a prioritized list of risks that we need to analyze further.

4. Perform Quantitative Risk Analysis - This is the process where we take the prioritized list of risks and apply mathematical analysis on them.

5. Plan Risk Responses - This is the process where we will be deciding how we are going to handle the risks identified & analyzed in the previous processes if they occur.

6. Monitor & Control Risks - This is the process where we monitor the identified risks and identify & respond to new risks as they appear.