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RISK ASSESSMENT: RISK ANALYSIS, Fadhila Abidah 09111840000092 Manajemen…
RISK ASSESSMENT: RISK ANALYSIS
Types of analysis
Qualitative risk analysis
Prioritizes the identifies risks using pre-defined rating scale
Risks will be scored based on their
probability
or likelihood of occurring and the
impact
on project objectives
We may choose to
accept
our risks > Set a
risk threshold
at a certain number > Create
contingency plans
for risks with scores greater than set number
Semi-quantitative analysis
More consistent and rigorous for assessing and comparing risks, including strategies for risk management, compared to qualitative assessment
Requires at least the same quantum of input data as qualitative analysis
Uses similar methods of data acquisition and analysis activities as qualitative analysis, supplemented by other special procedures
Different scales are used to characterize the likelihood of adverse events and their consequences
Useful as quantification of risk is difficult, but qualitative interpretation is too subjective
Quantitative analysis
Quantifies possible outcomes for the project and assesses the probability of achieving specific objectives
Provides quantitative approach to making decisions when there's uncertainty
Creates realistic and achievable cost, schedule, or scope targets
To perform quantitative analysis, high-quality data, well-developed project model, and a prioritized lists of risks (usually from performing qualitative analysis) are needed
Selecting the appropriate level of analysis
Complexity of the problem and the methods needed to analyze it
Nature and degree of uncertainty of the risk assessment based on the amount of info available and what is required to satisfy objectives
Extent of resources required in terms of time and level of expertise, data needs, or cost
Whether the method can provide a quantitative output
Semi-quantitative strengths and weaknesses
Strengths
Able to evaluate a larger number of risk issues than quantitative risk assessment because a full mathematical model isn't needed
Data collected for qualitative risk assessment are often sufficient for semi-quantitative risk assessment
Weaknesses
It's common to use five or so for probability and for impact, making there be 25 possible combinations
Can't easily combine probability scores for components of a risk pathway to get a probability score for the risks as a whole
Fadhila Abidah
09111840000092
Manajemen Risiko dan GCG B