Subtitles of the Movie

In the previous movie we looked at the benefits of risk assessment. In this movie we'll take a look at the benefits of risk analysis as a whole. As you would expect the benefits of risk analysis here include what we covered with risk assessment but there's definitely more. Here are some benefits to consider. We'll first, let's consider the incredible wealth of information that risk analysis provides about the identified risk. As you will see, there's cost-effective and a quick way of analyzing risk and there's a more in-depth, numerical approach to analyzing risk, which is something performed on risk to have a substantial impact on the project objectives. The additional information that risk analysis provides arms you with what you need to deal with them in the best way possible. And as you'd imagine, risk analysis, as a result of the information we've obtained, increases the confidence level of controlling and dealing with risk. The risk management team is able to develop better decisions, more effective responses, as well as justify responses and recommendations made. Risk analysis involves looking at future impacts and decision making. On that note, it allows us to control risk with greater success and that's because of what we've covered in this movie already. You're making much more informed and educated recommendations and responses. This increases the level of success that the risk response plan will have. Risk analysis helps to determine alternatives, if available, and notice that much of this provides supportive information. It's like having a little window to a risk that allows you to peak inside and shows you how the risk comes about and the damage or the opportunity that it can result it. Something else I'd like to mention is that risk deals heavily with uncertainty. Risk analysis aims at lessening this level of uncertainty by clarifying the impact and the potential outcomes. You can put together what seems like a solid schedule but there are always looming internal and external factors that can throw a wrench into your plans. Risk analysis is meant to help you foresee what could happen and prepare to deal with those scenarios. You might be thinking how it sounds like I'm really talking about risk management in general and that's because risk analysis plays a central part of risk management as you'll see in the next movie. With that, we'll close out this movie here and move on to touch on the risk analysis model.