Qualitative vs. Quantitative Risk Analysis
RiskyProject performs both qualitative and quantitative risk
analysis. A typical qualitative risk analysis workflow:
- Identify risks and add risks to
the risk register
- Define risk properties,
probabilities, and outcomes
- Assign mitigation and/or
- Analyze risk ranking
- Update risk properties,
probabilities, outcomes as necessary
Review status and properties of the risk and report
information about risks
A typical quantitative risk analysis workflow:
- Create a project schedule.
- Add risks, uncertainties, and
other risk-related information.
- Run a simulation, perform an
analysis and generate a report of the results.
- >Update risks and
uncertainties as necessary.
- During project execution,
perform project tracking with risks and uncertainties at key
phases or milestones to update forecasts.
- Report results If you do not have a schedule for
RiskyProject will only perform qualitative risk analysis.
However, if you add a schedule by either adding activities or
importing a schedule, RiskyProject switches automatically to
quantitative analysis. You may switch between qualitative and
quantitative analysis by adding or removing project schedule.