Risk data quality assessment

Project risk management involves;

  • Risk identification, resulting the risk register
  • Qualitative risk analysis based on the probabilities and impacts of risks
  • Quantitative risk analysis (Monte Carlo Analysis and other risk simulation techniques)
  • Risk response planning
  • Risk contingency planning

Basing risk management on data of required quality is important for acceptable outcomes. The commonly used risk data quality assessments are;

  • Reviews of project documents
  • Bench marking with past similar projects risk management efforts or industry data

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