Plan Risk Mangement: Tool and Techniques

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Plan Risk Mangement: Tool and Techniques

Postby komal Mon Aug 28, 2017 4:28 am

Can you please explain Analytical Technique in risk management, i could not understand its concept. Please explain with example if possible.
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Re: Plan Risk Mangement: Tool and Techniques

Postby saket Mon Aug 28, 2017 4:38 am

Let us start with PMBOK 5, this is what it says on Analytical Techniques for Risk Management Plan Analytical Techniques
Analytical techniques are used to understand and define the overall risk management context of the project. Risk management context is a combination of stakeholder risk attitudes and the strategic risk exposure of a given project based on the overall project context. For example, a stakeholder risk profile analysis may be performed to grade and qualify the project stakeholder risk appetite and tolerance.Other techniques, such as the use of strategic risk scoring sheets, are used to provide a high-level assessment of the risk exposure of the project based on the overall project context. Depending on these assessments, the project team can allocate appropriate resources and focus on the risk management activities.

You as a Project Manager may publish a Survey to understand your stakeholders' appetite for risk. You get the survey results and now you are doing an analysis of it, based on this survey result you are working on defining guideline to scale risk as High, Medium, Low for qualitative risk analysis.

Does this make more clear? We also did few hangouts on Risk Management topics
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