Subtitles of the Movie

To date we've reviewed all the tools and techniques utilized within qualitative risk analysis. In this movie we'll take a step back and review all of these tools and techniques at a glance. As you may recall, qualitative risk analysis involves the following: risk probability and impact assessment, probability and impact matrix, risk data quality assessment, risk categorization, risk urgency assessment and expert judgment and remember that expert judgment is separated as a tool and technique in the Fourth Edition of the PMBOK Guide but not necessarily within the Third Edition. We'll look at the results of these items in the next section, which are the results documented within the risk register. You were introduced to the risk register in Part 1 of this course series and just as a refresher, it was created out of the identify risk process. Bringing the focus back to qualitative risk analysis, the purpose of the process itself is to prioritize risk for further analysis or action. The idea is to focus on the risks that require our immediate attention. These are the risks that must be responded to quickly and the ones that have the greatest effect on the project objectives. And as you may recall, we assigned an overall risk rating to the list of identified risks. Let's take a look at the image that you have now on your screen. To generate the overall risk rating, a rating was first assigned to risk on a probability level and an impact level and those are the green and purple circles that you see. These ratings were assigned using the risk probability and impact assessment technique, which put to use the definitions of risk probability and impact that were included within the risk management plan. Although not always the case, the risk urgency level may also be a factor in determining the overall risk rating. Remember that the overall risk rating comes from the probability and impact matrix, which is used as a lookup table. To validate this result, the quality of the data used was assessed and we also categorized risk by source to determine which areas of the project were most affected by risk. And remember, throughout the process expert judgment is used as you can see on your screen. So now what do we do with this overall risk rating? Well, we'll look at that in the next section after going through a few workbook exercises. In the meantime, here are some key points to remember for the exam. Know what tools and techniques are used within this process. Know what each tool and technique produces. This is the why; why do we utilize each tool and technique? Understand that not every tool and technique is used within each process and in some cases a process may not be necessary when a project is small or not complex. Also, as another reminder, there's a lot to risk analysis that we will not get into in this course. There are individuals who specialize solely on risk analysis and it can get highly technical. We'll only cover the level of depth necessary for the exam. I hope this movie has provided additional insight as to how the tools and techniques are used for qualitative risk analysis and how they work together. And that brings this movie to a close.