ABSTRACT
Qualitative risk management is a structured process that seeks to identify all the possible risk events that could adversely affect project execution and planned outcomes and, where possible, specify the actions to be taken to prevent each risk from occurring or otherwise mitigate its possible negative consequences. The aim of qualitative risk management is to foresee all the potential project risks and where possible prevent their occurrence or otherwise reduce the undesirable consequences if a risk should materialize. Identifying and documenting risk is essential to ensure that every project risk is monitored and controlled, with the responses monitored and measured. Every perceived risk must be allocated to a risk owner. Risk management, as with any other management discipline, relies heavily on experience. Some elements can be automated or reduced to mathematical modelling, but prediction based on past performance is still the most reliable method and source of data.
