After you identify project risks, you need to analyze them to see which ones are important enough to manage. The most common form of analysis is called qualitative risk analysis. The risk level is referred to as “qualitative” since it is a quick approximation and does not reflect the rigor of a detailed, numerical analysis. The overall risk level can be as simple high, medium, or low, depending on the severity of impact and the probability of the event occurring.
There are many techniques for performing qualitative risk analysis. Here are two examples. Continue reading Two Techniques for Qualitative Risk Analysis