Subtitles of the Movie

In this movie we'll cover the remaining tool and technique of the perform qualitative risk analysis process, which is expert judgment. Expert judgment is included separately as a tool and technique of this process within the Fourth Edition of the PMBOK Guide and is not singled out as a tool in the Third Edition, although it's mentioned throughout the coverage of the other tools and techniques. The Fourth Edition just gives you a few more details to keep in mind in using expert judgment. We touched on this when we reviewed risk assessment and that's because expert judgment is heavily used then. Individuals that participate under this tool include those with experience working in similar past projects and also project team members. And the PMBOK Guide specifies that this includes those that participate in the project's planning and management efforts. It shouldn't come as a surprise that expert judgment is used during workshops and interviews since these are methods of getting individuals together to assess the identified risks. Expert judgment will be used to assign ratings to risk on a probability and impact level as you learned earlier in this section. One important thing that the risk manager or the project manager in charge of risk management should keep in mind is that they'll need to filter out the bias of the experts. This bias should be taken into account when reviewing the information obtained from the experts. And as you can see next, the result is the risk reassessment. And, of course, this is the primary result but expert judgment is used in carrying out the overall process as part of performing the other tools and techniques that we've already covered. And that covers expert judgment as a tool of the process. The primary points of expert judgment are shown on your screen, but remember that this includes project team members and individuals from outside the project team who have the knowledge necessary to accurately assess risk and perform the overall process of qualitative risk analysis.