Project risks need to be analyzed both from the qualitative and from the quantitative points of view. Consider the aspects of qualitative risk analysis and respond to the following:
-Describe the Top Ten Risk Item Tracking approaches for performing qualitative risk analysis.
-Explain, with two examples, how the Top Ten Risk Item Tracking approaches help in monitoring risks.
-Discuss the efficacy of this system for identifying and monitoring potential black swan events. How would you use this system to identify and track them, if possible?
Top 10 Risk Item tracking takes periodic reviews of the project and creates the top ten risks. This establishes how the risks are rated and how many times the risk appears throughout the process. The tool actually lists the risks according to rank, notes prior risk ranking for the risk, and how many times the risk appears. This is usually done is a table format for easier visual review. Each period the risks are summarized and the steps taken to lower or resolve the risk are reported.
Example 1: Risk of department computers crashing during upgrades, ...
A discussion, including examples, of top ten risk item tracking. Also includes a note about use in black swan event. 366 words with references linked.