11.3.2.5risk urgency AssessmentRisks requiring near-term responses may be considered more urgent to address. Indicators of prioritymayinclude probability of detecting the risk, time to affect a risk response, symptoms and warning signs,and therisk rating. In some qualitative analyses, the assessment of risk urgency is combined with the riskranking that isdetermined from the probability and impact matrix to give a final risk severity rating.11.3.2.6Expert JudgmentExpert judgment is required to assess the probability and impact of each risk to determine its locationinthe matrix shown in Figure 11-10. Experts generally are those having experience with similar, recentprojects.Gathering expert judgment is often accomplished with the use of risk facilitation workshops orinterviews. Theexperts’ bias should be taken into account in this process.11.3.3Perform Qualitative risk Analysis: outputs11.3.3.1Project documents updatesProject documents that may be updated include, but are not limited to:•risk register updates.As new information becomes available through the qualitative riskassessment, the risk register is updated. Updates to the risk register may includeassessmentsof probability and impacts for each risk, risk ranking or scores, risk urgencyinformation or riskcategorization, and a watch list for low probability risks or risks requiringfurther analysis.•Assumptions log updates.As new information becomes available through the qualitative riskassessment, assumptions could change. The assumptions log needs to be revisited to accommodatethis new information. Assumptions may be incorporated into the project scope statement or in aseparate assumptions log.11.4Perform Quantitative risk AnalysisPerform Quantitative Risk Analysis is the process of numerically analyzing the effect of identified risks onoverallproject objectives. The key benefit of this process is that it produces quantitative risk information tosupport decisionmaking in order to reduce project uncertainty. The inputs, tools and techniques, and
