- Subjective methods for qualifying each risk for impact and probability of occurrence
- This usually involves a method which can be done quickly in a short period of time with little resources
- Risk qualitative tools and techniques include
(i). Interviews with Subject Matter Experts
(ii). Probability/Impact matrix
i. Interviews
- Just as interviews were used to identify risks in the first place, they can be used to assess their impact and probability
- In most cases discovering the risk and assessing its impact and probability is done during the same interview
- Method works well based on the interviewer’s skills and the SME’s knowledge
ii. Probability/Impact Matrix
- The probability and impact matrix aids the project team in prioritizing which risks need more attention based on either their probability of occurring or the size of the impact to the project or both
- Once the risk has been given both a probability score and an impact score it should be placed in the proper cell in the matrix
If the risk falls into one of the shaded areas, the team should prepare mitigation strategies and monitor them closely
- The number of shaded cells is dependent on the organization’s culture and risk utility
- The key issue with qualitative risk assessment centers on the issue of estimator bias
francis1897 answered the question on
March 14, 2023 at 11:14