**What Is The Risk Analysis?**

When you finish identifying the risks that could affect your construction project, you need to determine which of these risk you will spend time & money on.

**Risk analysis** is the process of prioritizing all risks based on the probability of the risk occurring & the impact it would have on your project.

**The Difference Between Qualitative and Quantitative Risk Analysis**

Project managers should always do qualitative risk analysis because it is quicker than the quantitative risk analysis. Quantitative risk analysis is optional but merited in some cases.

There are 2 primary methods of risk analysis you can use on any construction project :

- Qualitative Risk Analysis
- Quantitative Risk Analysis

The difference between these 2 methods of risk analysis is that **qualitative risk analysis** uses a relative or descriptive scale to measure the probability of risk to occur whereas **quantitative risk analysis** uses a numerical scale.

**How to Perform a Qualitative Risk Analysis**

There are many ways to perform a qualitative risk analysis. These techniques of analysis require varying degrees of discipline & time.

If the project is small, project managers may use what I call the **KISS (Keep It Super Simple) Method** . This one-dimensional technique involves rating risks as:

- Very Low
- Low
- Medium
- High
- Very High

The common method is the **probability/impact matrix** . This two-dimensional technique is used to rate probability & impact. Probability is the likelihood that a risk will occur.

The impact is the consequence or effect of the risk, normally associated with the project objectives such as cost, schedule, scope, and quality.

Rate probability & impact on a scale such as 1 to 5 where 5 is the highest probability and impact. Then we multiply probability times the impact to calculate our risk score. For example, we could rate risk as a probability of 4 & an impact of 3. So risk score would be 4 x 3 = 12.

The scale may be applied to both threats & opportunities. Higher risk scores for threats indicate negative impacts such as adverse impacts on the schedule or budget. And higher risk scores for opportunities indicate positive impacts such as a reduction in the schedule or budget.

**When Should You Perform Qualitative Risk Analysis?**

Project managers should facilitate risk evaluation processes early in projects. Throughout the project, risk reviews can be conducted. Current risks are reviewed again & new risks are identified & analyzed.

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