CPMGT302_Week2_Team_3_Performing_Risk_Anaylsis.docx CPMGT302 Performing Risk Analysis

CPMGT302_Week2_Team_3_Performing_Risk_Anaylsis.docx    CPMGT302   Performing Risk Analysis  Team 3  CPMGT302  Performing Risk Analysis    When completing any project analyzing risks is an important part of the planning process. This paper will cover different ways to analyze risks and the pros and cons for each. Finally, this paper will go over a real-world scenario and how the risks were analyzed and conditions that would have changes the techniques used.    Qualitative Risk Analysis Techniques       Qualitative risk analysis is a technique that can be used to help a project manager identify risks associated with the project. This form of analysis can be done in many ways but typically the risks are identified using an assessment matrix, diagrams, or decision trees. The risk assessment matrix is very easy to understand and effectively identifies the risk along with the impact and likelihood of each occurring. This further provides the project manager with the information to efficiently prioritize the risks. Diagrams are another tool that can be used to complete a qualitative risk analysis and provide more information than an assessment matrix. These diagrams can be a cause and effect style, influence style, or network type. Whichever diagram is used they can show what other tasks in the project that might be affected if a risk is encountered. The final form of completing a qualitative risk analysis is using a decision tree. This analysis tool helps project managers with identifying the impact each risk and the associated resp