The Purpose of Risk Analysis
The purpose of risk analysis is to gather data about risk events. You can then use this data to decide which risk events to mitigate.
Risk analysis is a continual process conducted throughout the life of the project. As the project progresses, the analysis for a risk event might change due to changes in the environment.
Risk analysis includes:
Defining Probability and Impact
To evaluate a risk event, you examine the probability of the risk occurring and the impact it will cause if it does occur. You can use either a qualitative or quantitative approach to estimating.