Fred is the project manager of the CPS project.
He is working with his project team to prioritize the identified risks within the CPS project.
He and the team are prioritizing risks for further analysis or action by assessing and combining the risks probability of occurrence and impact.
What process is Fred completing?
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A. B. C. D.and cost-effective means of establishing priorities for Plan Risk Responses.
It also lays the foundation for Perform Quantitative Risk Analysis.
Answer: A is.
Qualitative ranks the probability and impact and then helps the project manager and team to determine which risks need further analysis.
Perform Qualitative Risk Analysis is the process of prioritizing risks for further analysis and action.
It combines risks and their probability of occurrences and ranks them accordingly.
It enables organizations to improve the project's performance by focusing on high-priority risks.
Perform Qualitative Risk Analysis is usually a rapid complete in a risk breakdown structure.
analysis.
The process that Fred is completing with his project team is called "Perform qualitative analysis."
Risk analysis is a crucial step in any project management process, particularly when it comes to software development. Risk analysis involves identifying, assessing, and prioritizing potential risks that may impact the project's objectives. In this case, Fred and his team have already completed the first step of the process, which is risk identification.
The next step in the risk analysis process is to prioritize the identified risks for further analysis or action. The team needs to determine which risks require immediate attention and which ones can be managed through ongoing monitoring. To do this, they need to assess the probability of occurrence and impact of each identified risk.
The process of assessing the probability of occurrence and impact of each identified risk is called qualitative risk analysis. This process involves using the team's knowledge and expertise to subjectively evaluate the likelihood and potential impact of each risk. The team assigns each risk a probability rating and an impact rating, based on the likelihood and potential consequences of the risk occurring.
Once the probability and impact ratings are assigned to each risk, they can be combined to create a risk ranking or prioritization matrix. The matrix helps the team to determine which risks require further analysis or action and which ones can be managed through ongoing monitoring.
In summary, Fred and his team are performing qualitative risk analysis by assessing and combining the risks probability of occurrence and impact. This process helps them to prioritize the identified risks for further analysis or action.