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Wednesday, February 20, 2013

Trends in Quantitative Risk Analysis

In the last few chapters, we have covered 3 of the updates that happen to the Risk Register, at the end of Quantitative Risk Analysis. The last and final update is, capturing of the “Trends in Quantitative Risk Analysis”. 

This kind of capturing trends is something we did at the end of qualitative analysis too, didn’t we? 

Remember that several of the risk management activities & processes are iterative which means, they occur multiple times throughout the Project esp. Quantitative Risk Analysis. 

Whenever a process/activity is repeated, a trend usually emerges and when a trend emerges, it is important that we document them properly. 

When trends emerge, they may guide the Risk Management team in the following ways: 

• In developing more efficient responses
• Lead to Additional Analysis
• Lead to Risk Reassessment 
• Identify risks that pose the greatest threat to the Project
• Indicate the need for more or less risk management action

Let me repeat that, the most important use/purpose of gathering these trends is that, it helps us in developing more efficient and effective responses. We can even create a quantitative risk analysis report to document these trends. This report could be a part of the risk register or a separate entity altogether. But, when created, it must always showcase and highlight the valuable insights we learnt as a result of the Quantitative risk analysis process. 

Prev: Prioritized List of Quantified Risks

Next: Risk Register Contents - As of Now

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