Complete Section 3 – Risk Analysis and Assessment, of the risk management plan by developing a risk matrix that will be used to assess the probability of risks for your chosen case study or work project.
A project manager must determine which specific techniques are more applicable to risk evaluation and assessment process that, positively, impact the project. First, the project manager evaluates and assesses the risks, and then determines how to quantify or qualify each risk.
Finally, prioritize the risk to determine the most effective mitigation strategy. The key is to be able to compare the different types of techniques and determine their advantages and disadvantages based on evaluation and assessment.
Insights may come from anywhere. The following anecdote might not necessarily be true, but the message rings true nonetheless: A tall truck tried to drive under a bridge and managed to wedge itself underneath. It was thoroughly stuck. As adults pondered costly and time-consuming major modifications to either the bridge or the truck, a child who was among the onlookers said, “Hey, why don’t you just let some of the air out of the tires?”