Chapter 11
Risk Qualification
This chapter covers the following subjects:
Many people look at risk as an endeavor with nothing but numbers. Nothing could be further from the truth. Because actuarial information is not readily available on many risks, organizations and individuals resort to risk qualification as the best available practice for establishing the relative importance of individual risk events and for the project as a whole. The classic “High-Medium-Low” schema is one approach to qualifying risks, and it is sometimes translated into stoplight charts with red, yellow, and green indicators.
Risk qualification is a quick and ...
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