The concept of qualitative risk analysis is of fundamental importance when it comes to the need for the project management team and or the project management team leader to take the action at the onset or prior to the onset of the project to adequately and appropriately ascertain the approximate level of risk that so may exist in regards to the conduction of the given project and or series of projects. Specifically speaking, the concept of the qualitative risk analysis refers specifically to the project related process of performing a thorough and complete analysis of the overall effect of the complete and total set risks in the entirety of the predetermined list of project objectives that have been set forth by the project management team and or project management team leader. The qualitative risk analysis can be conducted at any point in a project life cycle, however at least once at the onset it should be conducted. The primary goal is to determine proportion of effect and theoretical response.
This term is defined in the 3rd edition of the PMBOK but not in the 4th.