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Qualitative vs. Quantitative Risk Analysis

RiskyProject performs both qualitative and quantitative risk analysis. A typical qualitative risk analysis workflow is used to:

  1. Identify risks and add risks to the risk register
  2. Define risk properties, probabilities, and outcomes
  3. Assign mitigation and/or response plans
  4. Analyze risk ranking
  5. Update risk properties, probabilities, outcomes as necessary
  6. Review status and properties of the risk and report information about risks

A typical quantitative risk analysis workflow is used to:

  1. Create a project schedule.
  2. Add risks, uncertainties, and other risk-related information.
  3. Run a simulation, perform an analysis and generate a report of the results.
  4. >Update risks and uncertainties as necessary.
  5. During project execution, perform project tracking with risks and uncertainties at key phases or milestones to update forecasts.
  6. Report results If you do not have a schedule for your project

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 a project schedule.

Risks in RiskyProject

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