Question

Qualitative risks are typically categorized by a group of experts to determine the probability and the impact to project objectives. In the example below, consider the next steps that should be taken as project manager to assemble a group of experts to participate. Who would you select and why?

Identifying risk is a critical part of project management. One of the main factors in a successful project execution is correctly identifying risk so that risks can be minimized or mitigated throughout the project plan. There are two types of risk types: qualitative and quantitative. Qualitative risk usually corresponds to non-numeric risk and identifying the probability of risk and the impact the risk has. While qualitative risk may correspond to non-numeric instances, it is typical to convert qualitative risk factors into numbers in order to prioritize them. For instance, the probability impact matrix identifies a risk score calculated by multiplying probability by impact so you would need to assign a numeric value to the probability (ie. If the probability of risk is highly likely, you may assign a factor of 0.50 or higher). Qualitative risk tends to be subjective and only identifying individual risks to prioritize in a project. Working in the financial services industry, we have annual risk assessments that are completed on our products. Based on guidance by our regulators, they have determined an inherent risk for bank product types. Using this information alone would allow for a simple and only qualitative risk analysis. Another qualitative risk analysis in my field would be identifying bank transactions with teller errors. We could simply assign an impact and probability value to indicate the risk score of manual errors in bank transactions.

Quantitative risk is typically numeric and much more involved that qualitative. We use qualitative risk analysis to narrow down the number of risks that need additional evaluation (MindEdge, 2014). Quantitative risk analysis contrasts to qualitative in that the risk is measured overall instead of by each individual risk. One of the many ways to do this is calculating the Expected Monetary Value (EMV) which can be drawn out like a decision tree. EMV is calculated by multiplying the value of each possible outcome by its probability of occurrence, and the probability-weighted values of the possible outcomes are added together (MindEdge, 2014).

Answer 1

Ques - Qualitative risks are typically categorized by a group of experts to determine the probability and the impact to project objectives. In the example below, consider the next steps that should be taken as project manager to assemble a group of experts to participate. Who would you select and why?

Answer-

As the project manager, I will break down the profile of a person from various department.

The group in practical area are handy and proficient which improved organization just as individual execution.

The group have aptitudes and experienced to accomplish authoritative objective.

The group ought to be chosen from various office, for example, 2 people groups from Finance, 3 people groups from deals and advertising, 2 individuals from innovative work, 1 individual from data innovation and 1 individual who drives the group.

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