Qualitative Risk Analysis Flashcards

A project manager assigns each identified risk a probability score of 1-5 and an impact score of 1-5, then multiplies them. What technique is being used?

Answer: Probability and impact matrix

Multiplying probability and impact scores to prioritize risks is the core of the probability and impact matrix used in qualitative analysis.

During qualitative risk analysis, a risk's probability could not be reliably estimated because the data source was unverified. What should the team assess?

Answer: The quality of the risk data

Data quality assessment evaluates the accuracy and reliability of data used to analyze risks qualitatively.

Which output is primarily updated as a result of performing qualitative risk analysis?

Answer: Risk register

Qualitative analysis updates the risk register with priority rankings, categorization, and watchlist items.

A team groups risks by their root causes to determine which areas of the project are most exposed. What is this called?

Answer: Risk categorization

Risk categorization groups risks by sources, affected areas, or causes to reveal concentrations of exposure.

Risks requiring near-term responses are flagged as more important during analysis. Which factor drives this prioritization?

Answer: Risk urgency

Risk urgency assessment prioritizes risks that need a response soon, often combined with the probability-impact rating.

A stakeholder who is risk-averse rates the same impact level higher than a risk-tolerant stakeholder. What does this illustrate?

Answer: The subjective bias inherent in qualitative analysis

Qualitative analysis relies on subjective judgment, so perceptions and biases can influence ratings.

After qualitative analysis, a low-priority risk is placed on a list for periodic monitoring with no immediate action. What is this list called?

Answer: Watchlist

Low-priority risks are added to a watchlist for ongoing monitoring rather than active response.