3. Implement a qualitative risk analysis

Risks are ranked according to their criticality, which is a combination of their probability of occurrence and their impact, using a qualitative method.

Risks are then prioritized for further analysis.

This ranking will enable the project manager and his team to prioritize their efforts on dealing with the most critical, i.e. high-priority, risks.

Typically, this qualitative analysis is carried out using a matrix combining probabilities of occurrence and impacts, so as to place the risk on a criticality grid from lowest to highest.

Depending on the location of risks and opportunities on the matrix, and therefore their own criticality, it may or may not be necessary to take action or set up a monitoring system.

Throughout the project, risks and opportunities may evolve,...