💡 Today's 5 Core Techniques
Risk Register
A living document that records all identified risks, their probability, impact, owner, and response strategy. Every new risk must be added here immediately upon identification.
Qualitative vs Quantitative Risk Analysis
Qualitative ranks risks by probability and impact (fast, subjective). Quantitative assigns numerical values using tools like Monte Carlo simulations (slower, data-driven). Always do qualitative first.
Risk Response Strategies
For threats: Avoid, Transfer, Mitigate, Accept. For opportunities: Exploit, Share, Enhance, Accept. Choosing the right strategy depends on the risk's probability, impact, and cost to respond.
Prevention over Inspection
It is always cheaper and better to prevent defects than to find and fix them later. Quality should be built into the process, not inspected in at the end.
Pareto Principle (80/20 Rule)
80% of defects come from 20% of causes. Use a Pareto Chart to identify and focus on the vital few causes that produce the majority of problems.
Practice Scenarios
A new risk is identified during project execution. What is your FIRST action?