Assignment 2

HU-170 Risk Management

Name: Amr Mohamed Eltahan

ID: 5314187

Dr. Ahmed Helmi

 1- Define/what is meant by Risk Analysis?
Risk Analysis is the process of prioritizing ( ‫ ) تصنيف‬risks based on the probability of the risk
occurring and the impact it would have on the project.

2- What are the 2 primary methods of Risk Analysis?

• Qualitative Risk Analysis

• Quantitative Risk Analysis

3- What is the main difference between qualitative and quantitative risk

analysis?
The main difference between qualitative and quantitative risk analysis is that the former uses
a relative or descriptive scale to measure the probability of occurrence whereas quantitative
analysis uses a numerical scale.

4- Define/what is meant by Risk Assessment Matrix, RAM?

A Risk Assessment Matrix (RAM) is a tool to help you determine which risks you need to
develop a risk response for.

5- What is the first step in developing the RAM? Using a ruler and a pencil,
The first step in developing a RAM is to define the rating scales for likelihood and impact.

6- What is meant by Risk Factor? What is meant by Risk Level? What is meant
by Risk Score?
Risk Score is the product of the Likelihood numerical rating times the Impact numerical rating
of a given Risk Factor.

Risk factor: Something that increases a person's probability of developing injury or a disease.

For example, cigarette smoking is a risk factor for lung cancer]