1a Discuss why the process of analyzing risk is included in

1a. Discuss why the process of analyzing risk is included in the risk management plan.

1b. If qualitative analysis is more subjective, explain why it is beneficial to use on certain risks or under certain conditions.

Solution

1a. A risk management plan is a report that an project manager prepares to predict dangers, evaluate impacts, and characterize reactions to issues.It additionally contains a risk assessment matrix. Risk is comprised of two sections: the likelihood of something turning out badly, and the negative results on the off chance that it does.

Risk Analysis is the way toward organizing dangers in light of the likelihood of the hazard happening and the effect it would have on the undertaking. The process of Analysing Risk is Included in risk management plan because it is useful in many situations as -

To carry out Risk Analysis , there are various steps, such as - Identifying Threats, Estimating Risk.

1b.- The qualitative analysis uses a relative or descriptive scale to measure the probability of occurrence. A qualitative analysis is beneficial to use on certain risks or under certain conditions.because it utilize a size of \"Low, Medium, High\" to show the probability of a risk event happening. A qualitative risk assessment can likewise enable you to decide whether there are a particular kinds or classifications of dangers that would require uncommon consideration or any hazard occasions that should be dealt with in the close term.