Individual Assignment: Qualitative and Quantitative Risk Analysis Risk analysis techniques can be categorised as qualitative or quantitative. Qualitative risk analysis techniques include those that...

Individual Assignment: Qualitative and Quantitative Risk Analysis Risk analysis techniques can be categorised as qualitative or quantitative. Qualitative risk analysis techniques include those that involve collecting anecdotal data. For example, an organisation could hire a consultant to review the project and provide expert advice on anticipated risks that might occur throughout the project’s life cycle, as well as the risks and responses that might take top priority. In the example of Heathrow Airport’s Terminal 5, project managers might have gathered a group of local builders and engineers who could provide firsthand accounts of the effects of rain on the terrain, which might have mitigated later risks in terms of scheduling and costs. Analysis of risk seeks to identify vulnerable points in a project. Quantifying aids in determining the correct priority of the risk response option. In a quantitative risk analysis, project managers need to first gather and represent risk data and then analyse and model it to prioritise risks. Project managers engage in several different types of quantitative analysis: Hierarchical analysis: According to HiIlson et al. (2006), this can be achieved by using such tools as a WBS and RBS into what is known as a Risk Breakdown Matrix to show points of intersection of work tasks and risks. Cost-benefit analysis: This can reveal the risk response option that is most appropriate for your project. Other well-known risk analysis techniques, which you explore in the Readings, are used for training and accreditation of project management practitioners, complexity analysis and stakeholder analysis, among others. In the Individual Assignment for Unit 3, you prepared a detailed risk response plan for risks you identified in the project you selected for your Final Project. In this Individual Assignment, you will be revisiting this project and exploring techniques, both qualitative and quantitative, for analysing ongoing risks that occur during the life cycle of a project. The Heathrow Terminal 5 project is an example of not addressing the risks associated with the hand-off from development to operations. Such techniques are typically incorporated into risk registers, which will be covered in Unit 5. To prepare for this Individual Assignment: Review articles such as Hillson et al. (2006) on the parameters for identifying effective qualitative and quantitative risk analysis techniques for strategic risk management. Review Crawford et al. (2006). How can organisation systems such as those described in the article aid in categorising and managing risks? What is the importance of comparability, visibility and control ? Review the media titled Creating an Actionable Risk Management Strategy. Consider what the speaker, Jessica Carroll, considers to be the key to developing such an actionable strategy. How would this pertain to your assigned project ? Search the Internet and the online library for additional resources about applications of risk analysis techniques. Review the risks you identified in previous units’ activities or the project you selected for your Final Project. To complete this Individual Assignment: Select two techniques most useful in analysing two ongoing risks related to your selected project. You may choose two quantitative or two qualitative analysis techniques or one of each. The key is to select the techniques you believe to be the most applicable to the risks you selected. Provide a rationale for the techniques that you selected. Explain how you would apply these qualitative or quantitative techniques to the two specific ongoing risks identified in your project. Be sure to support your postings with evidence from the Readings and other current literature from the University of Roehampton Library and other sources. Consult the Harvard Referencing Style Guide for proper citation and referencing information.