Converting your project from Qualitative to Quantitative Risk Analysis

If you have risks in the Risk Register, but no schedule, you can perform a qualitative risk analysis of your project . If you add even one task to the project, all of our risks will convert to global risk (assigned to all tasks).

In quantitative risk analysis risk categories are separated into two groups:

• Schedule related risk categories: “Schedule and Scope” which is related to category “Duration” in qualitative analysis and “Cost and Income” which is related to category “Cost” in qualitative analysis.

• Non-schedule categories (Safety, Quality, Technology, etc.)

In qualitative risk analysis the “Duration” category has only one outcome type “Relative delay”; however in quantitative analysis the corresponding cateory “Schedule and Scope” has many outcome types (fixed delay, relative delay, etc.). Similarly, in qualitative analysis the“Cost” category has only one outcome type “Relative cost increase”; whereas, the “Cost and Income” category in quantitative analysis has many outcome types (fixed cost increase, relative cost increase, etc.).

If you add a schedule (i.e. activites or tasks) to your project, the following occurs:

• Risks with the outcome type “Relative Delay” will convert to a global risk with the outcome type “Relative Delay”.

• Risks with the type “Relative Cost Increase” will convert to a global risk with the outcome type “Relative Cost Increase”.

At this point, you may need to reassign these risks to partular tasks or resources and modify the outcome types. For example, a risk which had a Relative Cost Increase may be required to be modeled as a Fixed Cost Increase.

• The Probabilities and impacts of schedule related risks in quantitative analysis are calculated differently than in qualitative analysis. • Schedule related risk impacts ares calculated as a correlation between the duration or cost impact for each risk and project duration or cost.

• As a result probabilities and impacts of schedule risk for quantitative and qualitative analysis will be different.

For more information about calculation of probabilities and impacts of risks for quantitative analysis read “How are risk probabilities, impacts, and scores calculated?” in the Frequently Asked Questions.

• The risk register has an additional column for quantitative risk analysis: risk assignment. To view pre- and post mitigation probabilities and impacts for quantitative risk analysis, you must calculate your project.

• When you have a project schedule, the Global Risk Assignment view is enabled, if you are Global Risk Assignment icon will be disabled in the workflow bar for qualitative analysis (without schedule).

• When you remove schedule but don’t remove risks, you will be performing qualitative risk analysis.

See also

About Risk Attributes