Subtitles of the Movie

In this movie we'll begin a review of the perform qualitative risk analysis process inputs. These are the documents and other sources of information that will provide us with the necessary information to conduct qualitative risk analysis. Within this process, there are a total of four inputs: the risk register, risk management plan, project scope statement and the organizational process assets. Let's review how these items are used within this process beginning with the risk register. As I mentioned in the previous movie during an introduction to qualitative risk analysis, the risk register is originally created during the process of risk identification. After its creation, the register is handed over to the next process and is updated with the results of carrying out that process. Qualitative risk analysis typically follows the identify risk process, called risk identification, in the Third Edition of the PMBOK Guide. The register provides the following details about the identified risk: the list of identified risk including its characteristics, the consequences of the risk occurring, the impact of the occurrence, the root causes if determined and also what may lead up to the risk occurrence. And the risk register can also contain at this point a list of potential responses to the identified risk and these potential responses will be used later when developing the actual risk responses. A potential response may not be evident for all risks but for those where the response will be identified, it's documented in the risk register. Also, keep in mind that these processes are iterative, meaning that they'll most likely occur multiple times during the lifecycle of the project. And this means that the risk register may actually contain a lot of information about the identified risk. Next, let's go through the risk management plan and how it's used within the qualitative risk analysis process. Just a reminder that the risk management plan, which was generated within the first process of the risk management cycle, contains the following items: the methodology and the methodology refers to the risk management processes and how they'll be rolled out, the role and responsibilities, budgeting, timing, risk categories, definitions of probability and impact, the probably and impact matrix, stakeholder risk tolerance levels, reporting formats and tracking information. Of these items, this process will particularly utilize the following: the roles and responsibilities, which detail who will be performing which of the risk activities that are outlined in the plan, budget information such as the amount of funds that are set aside for risk activities, the time allotted for conducting risk activities, risk categories, definitions of probability and impact, which is critical to this process since it defines risk probability and impact using a scale or rating system. And by the way, this is important for consistently and accurately rating risk, the probability and impact matrix, which is used as a lookup table to assign a final risk rating and revise stakeholder's risk tolerance, which also helps us accurately assess and deal with risk. If any of the items that I've mentioned and you see on your screen have not yet been created or refined within the risk management plan, then they should be created within this process since they are necessary elements of performing qualitative risk analysis. As a side note, you'll notice that the risk management plan becomes an input to all of the processes after its creation as does the risk register. We'll pause this movie here and continue with a review of the other two inputs to the qualitative risk analysis process, which includes the project scope statement and the organizational process assets.