The perform qualitative risk analysis is a process that involves prioritizing risks for further action or analysis by assessing as well as combining the probability of occurrence. The benefit of this type of project management process is that it allows the project managers to minimize the level of uncertainty so that they can focus on the high priority risks.
To perform qualitative risk analysis, it is crucial to use different inputs like the risk management plan, risk register, scope baseline, enterprise environmental factors and organizational process assets. Using this process can result in the updates of the project documents.
This particular project management process is used in assessing the risks that are identified. The corresponding impact on the objectives should the risk occur is also calculated as well as other factors like the time frame of response, scope, schedule, constraints of cost and quality.
This particular project management process is cost effective. It is also a rapid method for establishing priorities for the Plan Risk Response process. Moreover, it also lays the base or foundation for the Perform Quantitative Risk Analysis.
This term is defined in the 5th edition of the PMBOK.