Risk management Tools and Techniques are explained below:
SWOT analysis: The SWOT analysis is a process of balancing a company’s strengths and opportunities while minimizing a company’s weaknesses and threats. The risks can be determined through these and it can be managed accordingly.
Brainstorming: The brainstorming is done to identify on the risks that occurs in the project by a group of people.
Delphi Technique: In the Delphi method the data are collected and the risks are identified by the experts and they would provide review and result for the same to overcome on the risks that occurs in the project.
Checklist Analysis: The upcoming risks for the projects can be identified through the checklist analysis, the solution can be taken according to that and the risk can be avoided.
The comparison of the quantitative versus qualitative analysis is explained below:
Quantitative Analysis
Qualitative Analysis
It is a statistical methods which deals with the number of the data and information.
It is a non-statistical method which deals with the quality of the outcome of the data and information.
Difficult to obtain on the accurate results as it depends on the numbers, if the number is missed the whole analysis will change.
Accurate results can be obtained in the qualitative analysis.
The data’s are mostly collected from the larger groups.
The data’s are collected from the smaller groups
The following situation warrant on the use of qualitative analysis only:
The management change and its implementation can be done through qualitative analysis.
The qualitative warrant on the budget, resources, quality etc, as these factors assures on the success of the project and reduce the risks.
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