Performing qualitative risk analysis
Qualitative risk analysis is about qualifying the information you have collected about risk and getting it organized by category. Then, you will determine probability and impact based on the set process you created with your stakeholders for a scalable system. High, medium, low. Red, yellow, green. 1 through 5.
Once the risks are analyzed for probability and impact, you can begin to sort them by priority. I like to use a spreadsheet program such as Excel for my risk register because I can sort, filter, color code, create tables, and have a lot of columns or tabs available for text and documentation. Most project management information systems (PMIS) don't do risk very well because they don't have separate sections specific to risk management. It's mostly to do with scope, schedule, and budgets.
The probability and impact matrix defines identified risks events, the category, and a scoring model. The assumption is that once you...
