Qualitative Risk Matrix

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Project Qualitative Risk Analysis is a process for the PM and project team to put identified risks in orders. This step gives risks the priority for further analysis by combining and calculating the probability and impact of identified risks (PMI, 2013, p. 328). From the research material, qualitative analysis is described as “…typically involve identifying the risks, assessing their probabilities and impacts, ranking them and screening out minor risks (Emblemsva˚g and Kjølstad, 2002, as cited in Emblemsva˚g & Kjølstad, 2005).”
Based on the PMBOK (PMI, 2013, p. 328), inputs of qualitative analysis are the Risk management plan, Scope baseline, Risk register, Enterprise environmental factors, and Organizational process assets. Meanwhile, the
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The risk matrix can display the basic properties, aftermath, and likelihood of the disadvantage in a well-organized graph.
For risk qualitative analysis process, the Probability and Impact matrix is the most useful one. Within this type of risk matrix, main components are required to make better description of the risk analysis result. It’s crucial to have dimensions of risk probability and impact, which would be shown by scales of how to rate these two dimensions. Furthermore, a rule of how the results of rating would be defined, which will be used to declare which how a specific risk’s priority would be decided (Duijm, 2015, p.
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Based on the suggestion from Duijm (2015), likelihood scales can be defined in words as ‘‘almost impossible’’, ‘‘probable’’, ‘‘often’’, or “frequent”, “probable” (p. 23). The expert also highlighted that meanings of each nominal categories must be clear and logical enough for viewers read. Since different types of impact can hardly be compared directly, it would be wise to define the consequence scale in descriptions within the same dimensions, such as ‘‘negligible’’, ‘‘serious’’, ‘‘catastrophic’’, and ‘‘almost impossible’’, ‘‘probable’’, ‘‘often’’ (p. 23). Moreover, consequences and probability scales can also be assigned to cells in the matrix by defining in ordinary/ cardinal numbers, which will be calculated based on algorithms latter (Duijm,

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