Why is it important to assess and qualify risk

Assignment Help Risk Management
Reference no: EM131269238

Questions/ Answers 80 words minimum.

Part I

1. Why is it important to assess and qualify risk in general terms; for example, low, medium, or high?
2. how you would quantify the terms low, medium, and high in your project.
3. Advantages to identify risks
4. How is qualitative risk assessment used to prioritize risks and aid in decision making related to allocating resources to manage risks?
5. How would you qualitatively assess risk in your project?
6. List and discuss primary sources of risks in projects.
7. Provide examples and explain when these risks are likely to occur.
8. How does project schedule evaluation and critical path methodology aid in identifying these risks?

Part II

Resources: Risk Management Plan Outline, text readings

Write a paper utilizing the scenario you selected last week. Each team member researches two tools or methods for qualitative risk analysis in the risk management industry. Each teammate relays the following in a synopsis of no more than 200 words:

• Description of tool or method
• One selected risk from your project
• How chosen risk could be qualitatively analyzed using tool or method
• Assessment of efficiencies or deficiencies
• Evaluation of risk scope and severity using qualitative analysis methods

Analyze, qualitative risk analysis with research. The analysis must be no more than 250 words, in addition to individual content, including the following:

• Summation of tools and methods with pros and cons of each, preferably with a tabular format and a supporting narrative.

Reference no: EM131269238

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