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11 - PROJECT RISK MANAGEMENT

11.3.2.5 risk urgency Assessment

Risks requiring near-term responses may be considered more urgent to address. Indicators of priority may
include probability of detecting the risk, time to affect a risk response, symptoms and warning signs, and the
risk rating. In some qualitative analyses, the assessment of risk urgency is combined with the risk ranking that is
determined from the probability and impact matrix to give a final risk severity rating.

11.3.2.6 Expert Judgment

Expert judgment is required to assess the probability and impact of each risk to determine its location in
the matrix shown in Figure 11-10. Experts generally are those having experience with similar, recent projects.
Gathering expert judgment is often accomplished with the use of risk facilitation workshops or interviews. The
experts’ bias should be taken into account in this process.

11.3.3 Perform Qualitative risk Analysis: outputs
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11.3.3.1 Project documents updates

Project documents that may be updated include, but are not limited to:
• risk register updates. As new information becomes available through the qualitative risk
assessment, the risk register is updated. Updates to the risk register may include assessments
of probability and impacts for each risk, risk ranking or scores, risk urgency information or risk
categorization, and a watch list for low probability risks or risks requiring further analysis.
• Assumptions log updates. As new information becomes available through the qualitative risk
assessment, assumptions could change. The assumptions log needs to be revisited to accommodate
this new information. Assumptions may be incorporated into the project scope statement or in a
separate assumptions log.

11.4 Perform Quantitative risk Analysis

Perform Quantitative Risk Analysis is the process of numerically analyzing the effect of identified risks on overall
project objectives. The key benefit of this process is that it produces quantitative risk information to support decision
making in order to reduce project uncertainty. The inputs, tools and techniques, and outputs of this process are
depicted in Figure 11-11. Figure 11-12 depicts the data flow diagram of the process.

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