Which risk characteristics are evaluated during the qualitative risk analysis?

Question

BlackTom AI · Accepted Answer

To begin, let's lay out what the question is asking: which risk characteristics are evaluated during qualitative risk analysis. 
Option 1: 'Schedule and cost' — While schedule and cost are important project constraints affected by risk, qualitative risk analysis typically assesses risk attributes that help prioritize risks, namely the likelihood of occurrence and the potential severity. Schedule and cost are outcomes or dimensions that can be influenced, but they are not the primary pair used for qualitative prioritization. 
Option 2: 'Probability and cost' — Probability is a core element, but cost is not the standard qualitative dimension used for evaluating risk severity or priority in this context. While cost impact can be considered, the traditional qualitative analysis emphasizes overall impact rather than financial value alone. 
Option 3: 'Probability and schedule' — Similar to option 2, probability is central, but schedule as a standalone dimension is not the typical paired focus for qualitative risk analysis. It’s more common to discuss impact in terms of overall effect rather than separating schedule as the sole impact dimension. 
Option 4: 'Probability and impact' — This pairing aligns with standard qualitative risk analysis practice: estimating the likelihood (probability) of a risk event and the magnitude of its effect (impact) on project objectives. These two characteristics are used to prioritize risks for response planning. 
Across the options, only the combination of probability and impact consistently represents the core attributes assessed in qualitative risk analysis for prioritization and response planning.

4520_COMP_SCI_X_0006 Quiz 5

Which risk characteristics are evaluated during the qualitative risk analysis?

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