✅ Master Project Risk Management and Avoid Major Problems
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It's easy to perform qualitative risk analysis.

In project management, it's a must-have skill nowadays. Even for a junior Project Manager.

So, in this project management training, I'll show everything you need to know.

You'll learn the whole process of the project management risk analysis.

And it starts right from the initiation of a project.

You do a high-level risk analysis to assess feasibility. And you put your high-level risks into the Project Charter.

Why?

You will analyze them further during project planning. But also, you'll need to write down risks that have a critical impact on project success. Risks that are beyond your authority or powers.

If they happen, it means project failure.

So, why is it a qualitative risk analysis?

You don't use quantifiable metrics. You assess risks using simple grades like High, Medium, or Low

And you assess only two aspects: Impact and Probability of occurrence.

By mapping these values on a chart, you get a risk impact probability chart or Risk Matrix.

The key problem in the whole process is to describe the different levels of Impact and Probability.

They should clearly explain the effects of a risk to all stakeholders.

It should communicate it in the same way to all of them.

Moreover, it should use the same metrics that you use in the Project Management Plan.

So, as an additional tip:

Do add a "description" section in your Risk Register.

Write out the impact of a risk in a narrative form. Use this later to draw the attention of the project stakeholders to the risk. Use it in reporting. Use it to better understand the risk yourself.

It's additional work, but it's worth it.

Project Risk Management shouldn't be difficult.

Simplify it as much as possible for the needs of your project.

However, never exclude qualitative risk analysis from your project management framework.

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MENTIONED IN THE VIDEO:

Project Risk Management Overview
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