Risk Analysis

[Cruger]

Hi there,
I need to know, Why we do Risk Analysis?

As an example, what can be risks involve in an online order processing system?

Thank you.....

[kwalford]

So, we can proactively manage the risks with the view to mitigate negative threats and optimize positive opportunities.

Risks are dynamic; so having visibility of them and managing how they evolve will enable the project to run smoother without any problems surfacing out of nowhere!


EDIT: It is best to qualify the risks first and then quantify the significant (important) risks. Not all risks will need to be quantified, but all need to be qualified to ensure that all risks are assessed against the objectives & project plans.

A Probability / Impact Matrix is good to correlate risks onto.

[dhaughey]

Risk analysis enables us to understand the risks to a project so we can solve or exploit them with actions. It often helps to focus on actions being either preventative (to reduce chance of risk occurring) or limiting (to reduce the impact).

Duncan

[Mohamed.Benmerikhi]

Hi there,

We do Risk analysis as part of monitoring and control to reduce the likelihood of having a project drift from its mainstream objectives. Risk analysis facilitates proactive action and allows project management to provides a clearer picture to the stakeholders.

Mohamed Benmerikhi