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Qualitative Risk Analysis Techniques
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Brainstorming
A technique used to generate ideas on potential risks by discussing them with a group of stakeholders and subject matter experts. Often used during early project phases.
Delphi Technique
An iterative multistage process where experts answer questionnaires in two or more rounds to converge on a consensus. Used when anonymity is needed to prevent bias.
Interviews
One-on-one discussions with stakeholders and experts to gain insights on risks. Utilized throughout the project lifecycle for in-depth understanding of risks.
Root Cause Analysis
A method used to identify the underlying reasons for risks. It helps in focusing on the causes rather than the symptoms. Employed post-issue identification.
SWOT Analysis
Evaluates project strengths, weaknesses, opportunities, and threats to identify risks. Useful for strategic planning.
Checklist Analysis
Uses predefined lists based on historical data to identify potential risks. Suitable for managers with extensive experience and records.
Assumption Analysis
Explores the validity of assumptions and identifies risks emerging from inaccurate assumptions. Essential for projects with uncertain environments.
Influence Diagrams
Visual tools that show the causal influences among risks and other factors. Helps in understanding how different risks relate to each other.
Monte Carlo Analysis
A simulation technique that uses probability distributions to calculate the impact of risks. Appropriate when quantitative data is available for modelling.
Expert Judgment
Reliance on the knowledge of experienced individuals to assess risks. Used when historical data is insufficient.
Risk Register Analysis
Reviewing and updating the risk register to evaluate identified risks using current information. Ongoing throughout the project lifecycle.
Environmental Scan
Analyzing external environmental factors to identify threats and opportunities that may impact the project. Effective in the project initiation phase.
Sensitivity Analysis
Determining how different values of an independent variable affect a particular dependent variable. Useful in assessing risk impact on project objectives.
Decision Tree Analysis
A graphical representation of decisions and their possible consequences. Used to choose between multiple courses of action.
Risk Categorization
Grouping risks into categories to efficiently identify and manage them. Helps to focus on areas with the most exposure.
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