Courtney is the project manager for her organization.
She is working with the project team to complete the qualitative risk analysis for her project.
During the analysis Courtney encourages the project team to begin the grouping of identified risks by common causes.
What is the primary advantage to group risks by common causes during qualitative risk analysis?
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A. B. C. D.A.
During qualitative risk analysis, the primary objective is to identify, assess, and prioritize potential risks that can impact the project objectives. By grouping risks by common causes, the project team can identify patterns and similarities among the identified risks, which can provide valuable insights into the project's risk landscape.
The primary advantage of grouping risks by common causes is that it can lead to developing effective risk responses. When risks are grouped based on common causes, the project team can identify the root cause of the risks and determine appropriate risk responses that can address multiple risks simultaneously. For instance, if a group of risks is caused by a lack of skilled resources, the project team can implement strategies to address the resource gap, which can mitigate multiple risks.
Grouping risks by common causes can also help the project team realize the areas of the project most laden with risks. By identifying patterns among the risks, the project team can determine which areas of the project are most vulnerable to risks and prioritize their risk response efforts accordingly. This can help the project team focus their resources and efforts on the areas that are most critical to the project's success.
However, grouping risks by common causes can lead to the creation of risk categories unique to each project. The risk categories may not be applicable to other projects or may not align with standard risk management frameworks, which can make it difficult to communicate and share the project's risk information with stakeholders outside the project team.
Lastly, grouping risks by common causes can save time by collecting the related resources, such as project team members, to analyze the risk events. By analyzing the risks as a group, the project team can benefit from the collective expertise and experience of the team members, which can help identify risks that may have been missed by an individual.
In conclusion, the primary advantage of grouping risks by common causes during qualitative risk analysis is that it can lead to developing effective risk responses, help the project team realize the areas of the project most laden with risks, and save time by collecting related resources.