Qualitative vs. Quantitative Risk Analysis

Project Risk Coach

In this blog post, we will explore the differences between qualitative and quantitative risk analysis. Qualitative Risk Analysis Once you've identified your risks, it's important to evaluate your risks.

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Requirements Analysis & Ensuring Stakeholder Satisfaction


That’s where requirements analysis comes in. What Is Requirements Analysis? Requirements analysis is nearly self-explanatory: it’s the process of defining the expectations of stakeholders on a project. Requirement Analysis Activities. Requirements Analysis Process.

2019 267

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How to Perform a SWOT Analysis

Project Risk Coach

If you are looking for a great way to engage your key stakeholders and identify project risks, perform a SWOT Analysis. Let's look at how to perform a SWOT Analysis. Project managers or other facilitators can use this powerful tool to identify strengths and weaknesses.

2019 403

Risk Analysis 101: How to Analyze Project Risk


Part of that process is risk analysis. Risk Analysis vs. Risk Identification vs. Risk Management. People frequently confuse risk analysis with risk identification and risk management. What Is Risk Analysis? This information will then be used for your risk analysis.

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Risk Analysis — The Managing Up Secret Weapon

Project Risk Coach

Credit : gorodenkoff | iStockphoto One of my favorite suggestions for this unenviable predicament is using risk analysis. Indeed, I think risk analysis can be the secret weapon of managing up! This is a guest article by Dana Brownlee from professionalismmatters.com.

Risk 355

Why Stakeholder Analysis is Important

Project Risk Coach

In this post, we will explore why stakeholder analysis is important. Project stakeholders are individuals, groups, and organizations that may affect or be affected by your projects. It's critical to understand how people inside and outside your organization may impact your projects.

2019 240

What Is Business Impact Analysis & Why Is It Important?


Business impact analysis is a tool to help plan for the inevitability of consequences and their cost. Business Impact Analysis Defined. First, what is business impact analysis (BIA)? Why Business Impact Analysis Is Important. How to Conduct a Business Impact Analysis.

2019 389

Evaluating Project Schedules Utilizing Quantitative Risk Analysis

Project Risk Coach

The team also identified 30 risks in the qualitative risk analysis. The post Evaluating Project Schedules Utilizing Quantitative Risk Analysis appeared first on. 2=Planning 4=Control ERM EMV project manager Qualitative Risk Assessment Quantitative Risk Analysis

2016 249

Stakeholder Analysis 101: Identification, Mapping & More


This process is called stakeholder analysis. What Is Stakeholder Analysis? Stakeholder analysis identifies and prioritizes stakeholders before the project begins. Stakeholder analysis is a way to get help from key project players.

2020 225

How to Save Your Project from Analysis Paralysis


Big data is big in business, but when does too much analysis lead to paralysis and not progress? Jennifer Bridges, PMP, shows you the red flags that appear at the onset of analysis paralysis. In Review – How to Save Your Project from Analysis Paralysis.

2019 328

Evaluating Risks Using Quantitative Risk Analysis

Project Risk Coach

Project managers should be prepared to perform different types of risk analysis. For many projects, the quicker qualitative risk analysis is all you need. But there are occasions when you will benefit from a quantitative risk analysis.

Risk 232

How Gap Analysis Can Improve Your Project Management


One particularly effective method used to figure out if your project is progressing as planned is called gap analysis. What Is Gap Analysis? Gap analysis is a formal study of how a business or project is currently progressing and where it plans to go in the future. PEST Analysis.

2019 368

Kano analysis and Agile

Musings on Project Management

Kano analysis is a new product feature/function evaluation tool that gives visualization to feature/function relative merit over time as trends change. agile best value Kano AnalysisThe usual presentation is a four-sector grid with trend lines that connect the sectors. The grids are defined by the horizontal and vertical scales that are easily set up on a white boad in the war room (don't take the word 'scale' too.

2016 204

Avoiding project change analysis denial of service!

Kiron Bondale

Even for those companies which have embraced agile, changes which will exceed approved funding or the approved number of sprints will still need the team to perform some analysis to be able to secure approvals to proceed.

2016 226

Evaluating Risks Using Qualitative Risk Analysis

Project Risk Coach

Today, let’s discuss the use of qualitative risk analysis to get you back on track. Qualitative Risk Analysis. There are two ways to evaluate risks: Qualitative Risk Analysis. Qualitative analysis such as rating probability and impact should always be performed.

Risk 195

How To Better Your Quantitative Risk Analysis

Project Risk Coach

How can we better your quantitative risk analysis? What is Quantitative Risk Analysis? The Importance of Quantitative Risk Analysis. While qualitative analysis takes less time, it is subjective. When to Perform Quantitative Risk Analysis. Sensitivity analysis.

2016 241

Evaluating Project Schedules Utilizing Quantitative Risk Analysis

Project Risk Coach

The team also identified 30 risks in the qualitative risk analysis. The post Evaluating Project Schedules Utilizing Quantitative Risk Analysis appeared first on. Do you remember the first time you missed a project deadline? I do. I recall the embarrassment for me and my team.

Risk 195

How To Better Your Qualitative Risk Analysis

Project Risk Coach

Before we look at HOW to improve your qualitative risk analysis, allow me to share one more quick example of WHY it’s important. So, how can we improve our risk analysis? First, let’s understand the difference between qualitative and quantitative risk analysis.

2016 266

What is SWOT Analysis? | Video

Online PM Courses

SWOT Analysis is well-known. The post What is SWOT Analysis? And rightly so! It's simple, yet also flexible and powerful. As a project manager, it's a great tool to have in your pocket. Video appeared first on OnlinePMCourses. Important ideas Project Management Tips SWOT video

2020 91

Difference between Quantitative and Qualitative Risk Analysis


We can use Qualitative Risk Analysis and Quantitative Risk Analysis techniques to evaluate and prioritize risks. Before we get into the difference between qualitative and quantitative risk analysis/assessment, it is mandatory to understand how we perform risk analysis in projects.

Risk 81

The Project Manager’s Guide to Simple Risk Analysis

Online PM Courses

Risk analysis is both easy and hard at the same time. Is it any wonder that one of the most quoted aphorisms in project manager is this, from Tim Lister: Risk Management is Project Management for Grown-Ups’ Where Does Risk Analysis Fit in? How to Conduct a Risk Analysis.

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How to Do a Cost Benefits Analysis in Project Management


Cost-benefit analysis is a tool project managers use to compare various business initiatives and make a financially-sound plan of action. We’ll walk you through these and provide the answers to some frequently asked questions about how to do a cost-benefit analysis.

2020 53

A Guide to Network Analysis


The core technique available to Project Managers for planning and controlling their projects is Network Analysis. Time Analysis. Having completed the network, we can begin the analysis. The next part of the analysis of the network is to find the CRITICAL PATH.

2019 67

What is gap analysis? Uncovering the missing links to successful performance

Moira Alexander

Gap analysis definition. Gap analysis is a method of comparing the actual level of performance versus the desired level of performance for a business process, project, strategy or IT solution. Gap analysis process. There are six key steps to conducting an effective gap analysis.

2019 197

Understanding the Monte Carlo Analysis in Project Management

ProProfs Project Management

A good plan can help you in risk analysis, but it can not guarantee that your project will run smoothly. There is a well-known technique that helps project managers to spot potential risks : Monte Carlo Analysis. Monte Carlo Analysis – How it Works.

2020 92

Why Is a Business Impact Analysis Important in Project Management


A business impact analysis (BIA) is an essential tool in your business continuity arsenal. In project management, a business impact analysis report seeks to find costly weaknesses within a project setting that could pose a potential risk in the event of an emergency. .

Need help with Monte Carlo analysis?

Musings on Project Management

For many reasons, it's superior to other analysis paradigms. In network analysis, for instance, it handles the parallel join or 'gate' as no other method will. For many years, I've preached the benefits of the Monte Carlo simulation (MCS). In fact, it's this very capability that renders the Monte Carlo superior to other risk adjusted ideas, like the PERT method in scheduling. PERT suffers. Risk Management

2019 150

What is a Milestone Trend Analysis


A milestone trend analysis, or MTA, is a method of tracking progress in project planning. Milestone trend analysis charts can help project managers assess the health of a project and provide valuable insights about scheduling or scope for future initiatives. .

2020 36

Shuffle up and deal with qualitative risk analysis!

Kiron Bondale

user stories), planning poker can also be used to facilitate other types of decision making so why not use it for qualitative risk analysis? By using a numerical basis for qualitative risk analysis (yes, I know that sounds like an oxymoron!)

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How to Improve Your Strategic Planning, Analysis, and Alignment

Project Risk Coach

Today, let's look at a step-by-step process to improve your strategic planning, analysis, and alignment with a particular focus on risk management. Let's Do Some Strategic Planning So, here is a step-by-step process to help you improve your strategic planning, analysis, and alignment. At a minimum, complete a Qualitative Risk Analysis to prioritize the risks. In some cases, you may wish to complete a Quantitative Risk Analysis.

Performing a Competitive Analysis

Brad Egeland

By Janet Attard Competitive analysis is as important for a small business as it is for big businesses, and it’s easy to do. You can keep tabs on your competitors by using these 15 tactics to gather and analyze information about them. Have you ever wished you knew what your competitors were up to? That you could legally spy on the leading businesses in your field or area to find out how they are getting customers, why they are outselling you, or what their plans are?

2019 101

Network Analysis: The Best Practice for Calculating Duration


If you read my Guide to Network Analysis , made available last month, you hopefully gained a better understanding of a project’s “Network” and “Analysis.” A correct analysis of duration will act as the baseline for your project and providing you with an end date.

2019 76

Business Analysis for Internet of Things (IoT) Projects

Strategy Execution | PMO Perspectives

Once Upon Another Time , Business Analysis was only performed in large companies, with large mainframes and even larger teams that spanned IT, marketing and finance. Business analysis involves principally two things:-. Business Analysis

2019 74

How to Use the GPM P5 Impact Analysis

Green Project Management

Theodore Roosevelt What is the P5 Impact Analysis? The GPM Global PRiSM methodology advocates for the usage of the GPM Global P5 Impact Analysis, which […]. The post How to Use the GPM P5 Impact Analysis appeared first on Delivering a better world, one project at a time.

2016 262

What is Failure Mode and Effects Analysis – FMEA? | Video

Online PM Courses

Failure Mode and Effects Analysis (or FMEA) is a powerful methodology that comes from the domain of manufacturing and the toolset of Six Sigma. So, what is Failure Mode and Effects Analysis – FMEA? The post What is Failure Mode and Effects Analysis – FMEA? PMI Talent Triangle: Technical Project Management Project Management in Under 5 Project Management Tools and Techniques Project Risk Management Failure Mode and Effects Analysis FMEA

What Is a Critical Path Analysis?


For a project manager, few tools are as valuable as critical path analysis. But what is critical path analysis and why is it important? What is critical path analysis? In order to understand critical path analysis , it’s important to know what the critical path itself is.

2020 36

Using SWOT Analysis for Risk Identification and Risk Management


Some of the common techniques used for risk identification include historical data, brainstorming, workshops, Root Cause analysis, checklists, nominal group technique, Delphi technique, Monte Carlo analysis, decision trees, affinity diagrams, and cause-effect diagrams.

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Gap Analysis Template | Gap Analysis Example


What is Gap Analysis Every project manager managing a project has a fair view or idea of the ideal end state where they would like the project to be. For this purpose, a Gap Analysis Template can be used.Check out article with Gap Analysis Example in excel and word. Gap Analysi

2018 36

Options Analysis


Options Analysis - A Brief Guide The project manager reported that the project is now going through Options Analysis and the Board will need to wait until it is completed before we know how to progress. However, to be honest, you had no idea what this ‘Options Analysis’ thing was about.

2018 36

Vendor Showcase Recap: Making Light Work of Schedule Risk Analysis – By Barbecana


Please find below a transcription of the audio portion of John Owen’s showcase session, Making Light Work of Schedule Risk Analysis, being provided by MPUG for the convenience of our members. I’m going to talk about schedule risk analysis.