5. Evaluate project risks and opportunities

As specified by the PMI (Project Management Institute) in its "Practice Standard for Project Risk Management", it is necessary to carry out a qualitative risk analysis, and if necessary a quantitative risk analysis when risks have been identified. Qualitative risk analysis is generally a quick and cost-effective way of prioritizing risk response planning, and where appropriate, it creates the basis for implementing quantitative risk analysis.

In short, the aim is to assess the criticality of the risk, which corresponds to the product of its severity (its impact) and its frequency (number of occurrences as a function of estimated time).

It is then possible to define a matrix, as shown below, which gives a visual hierarchy of these risks by level of seriousness,...