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Risk Assessment

The process of analyzing identified risks to estimate their likelihood and potential impact.

Key Points

  • Performed after risk identification to analyze probability and impact.
  • Includes qualitative methods (scoring, ranking) and quantitative methods (numerical analysis, simulations).
  • Results guide prioritization, response planning, and contingency reserves.
  • Uses inputs like risk statements and historical data; outputs include risk ratings and updates to the risk register.

Example

After listing risks on a software project, the team estimates the chance and impact of a critical vendor delay (40% probability, high schedule impact). They rank it as a top risk and plan mitigation steps such as securing a backup supplier.

PMP Example Question

After identifying risks, a project manager leads a session to estimate each risk's probability and potential effect to prioritize the list. What process is being performed?

  1. Risk identification
  2. Risk assessment
  3. Risk response planning
  4. Risk audit

Correct Answer: B — evaluating and estimating identified risks

Explanation: Risk assessment analyzes known risks to estimate probability and impact for prioritization. Identification creates the list, response planning selects actions, and audits review effectiveness.

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