An Introduction to Project Risk Analysis

An Introduction to Project Risk Analysis

Project Risk Management includes the processes of conducting risk management planning, identification, analysis, response planning, response implementation, and monitoring risk on a project.

The objectives of project risk management are to increase the probability and/or impact of positive risks and to decrease the probability and/or impact of negative risks, in order to optimize the chances of project success.

Risk Analysis:

Risk analysis is a systematic process to estimate the level of risk for identified and approved risks. This involves estimating the probability of occurrence and consequence of occurrence and converting the results to a corresponding risk. The approach used depends upon the data available and requirements levied on the project level.

Risk analyses are often based on detailed information that may come from a variety of techniques, including but not limited to:
  • Analysis of plans and related documents 
  • Experience and interviewing 
  • Relevant lessons-learned studies 
  • Results from tests
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