A project team is assessing individual project risks by evaluating the probability tor each one to occur, as well as the potential impact to project objectives using low, medium, and high values. The process the project team is using is known as:
Haha, reminds me of that time in my last project when the team tried to use 'super high', 'kind of medium', and 'a little low' for their risk ratings. Needless to say, the project manager wasn't too impressed.
Hmm, I was a bit unsure at first, but I think you guys are right. The key giveaway is that they're using those subjective 'low, medium, high' values instead of numerical probabilities and impacts.
Yeah, I agree. Qualitative risk analysis is the right answer here. They're not doing any numerical analysis or quantifying the risks, just using that simplified high-medium-low scale.
This question seems pretty straightforward. The process the team is using sounds like qualitative risk analysis to me, where they're evaluating the probability and impact of risks using low, medium, and high values.
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