The register of the risk in respect of the portfolio of the project, constitutes some set of opportunities apart form other properties. The properties of risk comprise of the following:
Risk actors can be assigned to many of the projects which are part of the portfolio and also to various types of activities and resources. Standard in schedule management of risks comprises of quality, technology, security, and safety. All the scheduled related risk which impacts the project scope and cost associated with the project. Researchers have shared research in which they have revealed that the project analysis attribution can be done in Quantitave manner by analyzing the probabilities of the risks and the various types of impacts also which are associated with it
However, in the case that are termed as scheduled in data analysis are considered to be associated with the impact of risk, utilization of the qualitative analysis can be a big challenge. One risk type can be assigned varied activities associated with the project. The cumulative impacts associated with the risk is quite difficult in calculation without using the analysis of technique qualitative nature. Infact the other noticeable point is that impact on the project can be zero, incase the risk is assigned to any of the activities of the project which does not lie on the crucial path. The main objective of the implementation of the data analysis of the qualitative risk is to gain the safety against the determining the risk and to enhance the management consciousness, team members of the project. This methodology of the risk analysis has been designed for illustrating the risks that are looked upon as the characteristics of project management but have the capability of being the required element of the risk (Ting et al., 2009).
Just on the other side, quantitative risk analysis is completely focused on the implementation of the measures of safety which has been established for protecting against each risk that has been defined. Building the approach of quantitative analysis, an organization will be able to develop a precise analytical interpretation which clearly shows the risk resolving measures are most suited to varied needs of the project.
This actually makes the approach quantitative analysis get favored by many of the managers and even by the management as the risk assessment can be shown in the form of percentage and even in the form of charts of probability. This mainly happens because it focuses on using the tools just like the metrics. It is therefore considered that the portfolio processing of the risk analysis need to comprise of collaboration of the qualitative and quantitative analysis.
The approach associated with the research tool of qualitative and quantitative analysis and the methodologies are usually analyzed to be utilized in a frequent manner in varied disciplines of the education that are associated with the psychology and the history. There are researchers who believe that the positivist approach believes in compromisation of the social world by concrete and unchangeable reality which can e easily quantified. Th another side, interpretive researchers opposed the belief of positivistic belief other than reality and also believed that the reality is constructed socially by the human tact and can be changed subjectivity.
However, in no time, the researchers were able to make out that the analysis of the risks will be quite incomplete without the usage of the collaboration of the Quantitative and qualitative analysis techniques (Ting et al., 2009; Brighthubpm, 2018).
The qualitative approach, in the beginning, produced the ticker level of the feelings and the experiences gained by the participants associated with the research and also reveals the meanings of the actions of the participants who are part of the research has revealed in his study, that the Quantitative research analysis reveals the relationship of the information specifically related to performance (Virine, 2013). The author even argued in his research that the qualitative approaches are being employed for the purpose of acquiring the deeper information in respect of the issues that are being associated with the purpose of designing (Virine, 2013; Rahman, 2016).
Secondly, the qualitative approach of the analysis of the risk holistically understands the experiences associated with the human in very specific settings. The approach is considered to be of interdisciplinary nature that helps in encompassing the wider range of the point of views of epistemological approach (Brighthubpm, 2018). However, the need for quantitative risk research analysis is felt because the qualitative research approach many times leaves the contextual sensitivities and focuses more on the experience factor only. For instance, in case of Phenomenological approach, he respects attempts to uncover and interpret the experiences of participants. Not only this the researchers generally offer low credibility to the results which are gained from a qualitative approach. The quantitative analysis along with qualitative analysis helps in separating the social world into empirical elements that are considered as the elements and can be shown in the form of quantitative figures whose association can be seen in components which are considered as variables. These can be represented in numerical figures of statistical techniques (Yoon & Park, 2013).
The approach which integrates both qualitative and Quantitative analysis is basically generalized towards the population and subpopulation as it comprises of a large amount of sample which is selected on a random basis (Yoon & Park, 2013). The main decision-makers of the project are the project managers, and they are susceptible towards biased perceptions, that means because the factors, which are psychological in nature like the human cognition of the managers and the factors of risk that, can get overloaded. For example, the negative estimate of the costing for the projects could be overlooked when the mangers associates their personal references for the project which affects the decision making (APM, 2018). The integration of the quantitative and qualitative analysis helps in safety-centric analysis through which researchers can import data from the charts and utilize the same for developing solution for existing risk factors (Rahman, 2016). The integration process helps the company in simulation as it helps the members and management in understanding the practical approaches for mitigating the risks.
The integrated approach of using the qualitative analysis and Quantitative analysis is often called as hybrid risk assessment methodology (Yoon & Park, 2013). The hybrid methodology fosters a greater level of inclusivity from the company for understanding and owning the risk security management practices (Rahman, 2016). The integrated model illustrates the importance of the security factor from each area of the business, making it relatable to the managers of the company and capturing the buy-ins. The integrated approach helps in determining the risks to business and stakeholders and herby developing string level of understanding and accountability for the risk issues that stem from the traditional assessment of security (Meritt, 2012; VerSprite, 2018).
Not only there is Primavera risk analysis software which also follows the same methodology. The software offers the tools for anticipating, mitigating and offering contingency risk plan for enabling the companies to model the risk and analyze the cost and schedule the impacts of mitigating the risk.
By integrating with the schedule of the project as well as an estimate of the cost to model the risk and uncertainty, the Primavera risk analysis offers full life-cycle cost and schedule the analysis solution for the application. Offering quick techniques for analyzing the contingency and response plan of risk as well as comprehensive mean of reporting the level of confidence, the software of Primavera loads projects through the register of risk and risk templates using the Monte Carlo simulation for analyzing them. The strategy offers a variety of reports, like risk histogram and skater diagram which enables the users for easily determining the risk drivers before the publishing the schedule of risk adjustment.
The Primavera Risk Analysis offers following characteristics:
Risk analytic Guide: The analysis guide takes the users through the processing of preparing and running the analysis of risk. The procedure of the risk analysis by using the model of Primavera by considering the scheduling and the development of the risk modeling and employs all of them for completing it
Risk Analysis: The Primavera analysis of risk uses the advanced mode of Monte Carlo on the basis of cost and schedule analytics to offer the risk management life cycle through the estimation of uncertainty, task existence and conditional benchmarking (Oracle, 2009).
Offering eats integration with a range of the scheduling tools and the solution of the risk register, analysis of Primavera helps project-driven companies ensuring that the mission cortical project comes on time and under the budget (Oracle, 2009).
Effective risk management translates towards the effective management of the varied factors which prevents the organization from fulfilling the desired objectives of the business. Connecting the varied dots on how the application risk impacts the regulatory needs and even the objectives which surrounded the business is the key differentiator on how risk depicted through integration approach becomes the cross-functional.
Apart from it, the integrated approach offers the opportunity for defining the control objectives across the varied silos of business. The methodology basically fosters the great level of understanding of the cross-functional risks amounts the objectives of control which may be affected by the technical or process based vulnerabilities (Ting et al., 2009; Mentes & Ozen, 2015).
Conclusion
The research study is quite intended towards examining the strengths and weaknesses of the integrated paradigm of the research which are associated with the qualitative and quantitative on the ground of assessment. The advantage of the usage of the analysis of qualitative risk is analyzing the deeper insight into the designing and interpretation of the assessment and cross-cultural influence. The other side of the research shows that the quantitative analysis has effective characteristic of being helpful in the analysis of the large samples and variable which also makes the research trustworthy. Moreover, this research analysis has been quite successful in analyzing that the dominant methodology in the analysis of the risk associated with the project is the combination of the risk methods which are Quantitative and qualitative in nature because of the techniques utilized by the researchers.
APM (2018) Project Risk Analysis and Management [online]. Available from: https://www.apm.org.uk/media/10466/pram_web.pdf [Accessed 30 May 2018].
Brighthubpm (2018) Qualitative and Quantitative Risk Analysis [online]. Available from: https://www.brighthubpm.com/risk-management/33403-qualitative-and-quantitative-risk-analysis/ [Accessed 31 May 2018].
Mentes, A. & Ozen, E. (2015) A hybrid risk analysis method for a yacht fuel system safety. Safety Science, 79, pp.94-104.
Meritt, J.W. (2012) A Method for Quantitative Risk Analysis [online]. Available from: https://csrc.nist.gov/csrc/media/publications/conference-paper/1999/10/21/proceedings-of-the-22nd-nissc-1999/documents/papers/p28.pdf [Accessed 30 May 2018].
Oracle (2009) Primavera Risk Analysis. [Online] Oracle Available at: https://www.oracle.com/us/products/applications/primavera/primavera-risk-analysis-ds-2595914.pdf [Accessed 30 May 2018].
Rahman, M.S. (2016) The advantages and disadvantages of using qualitative and quantitative approaches and methods in language “testing and assessment” research: A literature review. Journal of Education and Learning, 6(1), pp.102-12.
Ting, J.S.-L., Kwok, S.-K. & Tsang, A.H.-C., 2009. Hybrid Risk Management Methodology: A Case Study. International Journal of Engineering Business Management, 1(1), pp.25-32.
VerSprite (2018) Three Ways Hybrid Risk Assessment Methodology (HRAM) Better Protects your Business [online]. Available from: https://myemail.constantcontact.com/3-Reasons-to-Choose-Hybrid-Risk-Assessment-Methodology–HRAM-.html?soid=1103416423885&aid=lojDn3DI0c4 [Accessed 30 May 2018].
Virine, L. (2013) Integrated Qualitative and Quantitative Risk Analysis of Project [online]. Available from: https://www.soa.org/essays-monographs/2013-erm-symposium/mono-2013-as13-1-virine.pdf [Accessed 30 May 2018].
Yoon, H. & Park, J. (2013) Integration of qualitative and quantitative risk assessment methods for gas refinery plants. Korean Journal of Chemical Engineering, 30(7), pp.1368–74.
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