Subtitles of the Movie

Workbook exercises are a great way to review the material covered within a section focusing on a given process. In this movie, we'll go through the workbook questions focusing on the qualitative risk analysis process, of which there are 13. Let's jump right into question one, which says what is the purpose of this process? And that is to assess risk and combine the probability of occurrence and impact by prioritizing them for further analysis or action. As usual, we have workbook questions two, three and four covering the inputs, the tools and techniques and the outputs of the process. Inputs include organizational process assets, project scope statement, risk management plan and the risk register. Tools and techniques include risk probability and impact assessment, probability and impact matrix, risk data quality assessment, risk categorization and risk urgency assessment. And we have just one output, which are updates to the risk register. Question five is a fill-in-the-blank question. The qualitative risk analysis process focuses on those risks that are blank in priority, thereby improving project performance. The correct answer is highest, so the process focuses on the highest-priority risks. During our process review, I mentioned that risks were prioritized using three things. Question six asks you what these items are. The first is the probability that they will occur and the second is the impact on the project objectives that each risk results in if it occurs and lastly, factors such as timeframe and risk tolerance on cost constraints, schedule, scope and quality. Question seven: risk probability assessments are completed by holding: and that is interviews and meetings. Next, what do risk impact assessments do? They investigate the potential effects the risk will have on the project objectives, whether positive or negative. Risks can be further identified as high-risk, moderate-risk and low-risk using the blank. And that's probability and impact matrix. Just as a refresher, the probability and impact matrix serves as a look-up table with defined ratings based on the assessed probability and impact of a risk. This allows for consistency and well-defined risk ratings and therefore well-defined priority for each risk. Question ten: what determines a level of bias and accuracy within the data used to identify risk? And that is risk data quality assessment. Next, risk categorization categorizes risk by; and the answer is sources of risk, area of the project affected or other relevant categories. Continuing on, what does risk urgency assessment do? It identifies those risks that require a near-term response and assigns them higher priority. And the last question, the qualitative risk analysis process adds six items to the risk register. Name at least one. I'll point out all six items that you may have chosen from. These were priority list of project risk, risk grouped by categories, list of risks requiring near-term responses, list of risks for additional analysis and response, watch list of low-priority risks and trends in qualitative risk analysis results. That was the final question. We'll close out this movie here, wrapping up the section on the qualitative risk analysis process.