Risk Analysis consists

a) Risk Analysis:
Assessment of risk is used to identified and evaluated potential risk. Anticipation of what may to wrong is done. The assessment can be:
  • Qualitative: It is mainly judgemental or subjectives, based on previous experience.
  • Quantitative: It manipulates past data for forecasts, especially to assess cost and time overruns.
Based on the probability of occurrence, the identified risk can be ranked as High, Medium and Low.

b) Possible Actions:
They are actions required to contain the risk and minimize its impact on project success.

Risk Management
Risk management involves:
  1. Monitoring of Risk: The changes in the risk are monitored over time.
  2. Containing of Risk: Corrective actions are taken promptly to control risk.
  3. Contingency Planning for Risks: Contingency planning is done to deal with changing environmental forces.

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