Risk Management

1. Risk qualitative Analysis: Evaluates key characteristics of individual risks enabling them to be prioritized for further action.  Select risk characteristics => Collect and analyze data => Prioritize Risks => Categorize risk causes => Document results.
2. Qualitative risk ratings: An indication of the potential impact of risks on a project.  Typically a measure of the following characteristic; probability , Impact.  Typically expressed as Low, Medium, High.
• High Risk: 50% or higher ( Likely)
• Medium Risk : Between 10% and 50% ( Unlikely)
• Low Risk: 10% or lower ( Very unlikely)
• High probability can be expressed 
• as a %
• As a values statement
• As a comparison
• As a frequency