Subtitles of the Movie

To date, we've covered an introduction to risk analysis and a review of the inputs. In the movies that follow within this section, we'll review the tools and techniques of the perform qualitative risk analysis process, noted simply as Qualitative Risk Analysis within the Third Edition of the PMBOK Guide. In this movie specifically, you'll be introduced to the tools and techniques used during qualitative risk analysis, which we will later cover in greater detail. In total, there are six tools and techniques: risk probability and impact assessment, which results in a risk rating; probability and impact matrix, which we'll use to determine whether risks are considered to be high, moderate or low risk; risk data quality assessment, which will assess the quality of the information that we use to perform risk management; risk categorization, where we'll categorize risk by source; risk urgency assessment, where near-term risk will be identified and using expert judgment to conduct qualitative risk analysis activities. If you were to compare the Third and the Fourth Edition of the PMBOK Guide, the only difference within the list of tools and techniques that you see on the screen is the addition of expert judgment, which applies within the Fourth Edition only. If you went through Part 1 of this course series, you're already familiar with how tools and techniques are utilized within a process. But just as a refresher, I'd like to remind you that not all projects require the use of all tools and techniques that are listed within the PMBOK Guide. And this applies to all the processes as well. And this is because projects will vary in length, in complexity and circumstances. For instance, if you're performing a project that was similar to a previous project, the risks may also be similar. The benefit that you have here is that you've come into the project with a great deal of information; for example, the lists of identified risks from the previous project, how the risks were managed, the risk analysis data, risk responses and importantly, actual outcomes of risk. Now compare this to a project that moves into new territory for the organization or perhaps even for the industry. This type of project will require larger efforts in risk identification, risk assessment and definitely in risk analysis. As we go through these tools and techniques, be sure to keep the points that we just reviewed in mind. And also keep in mind that we're assessing and prioritizing risk based on stakeholder risk tolerance levels using the probability and impact definitions that were defined in Part 1 of this course series during the development of the risk management plan. For this very reason, the project or risk manager alone can not conduct risk management. The work that we do here during qualitative risk analysis, as well as the other risk management processes, would be of little to no value if it weren't carried out in alignment with stakeholder risk tolerance levels. This means that the participation of stakeholders and the project team members on some level during risk analysis and also in carrying out the other risk processes. And that concludes an introduction to the tools and techniques of the perform qualitative risk analysis process. In the movies that follow, we'll cover each of these tools and techniques in greater detail so that you can gain a better understanding of what the purpose of each is, what input or inputs are used and what they produce as a result.