As indicated in our Week 4 lecture, we often start with qualitative risk analytics to assess and prioritize risks. We then apply quantitative risk analytics to those risks deemed of significant priority. We also learned that quantitative risk analytics may not always be necessary if we can reasonably conclude that the risk may be adequately assessed and monitored through qualitative modeling techniques.
For this week’s assignment you are requested to quantitatively assess one of your three risks identified in the Week 3 assignment for further assessment using the Indicators and Warning (I & W) analysis technique (Chapter 16 in the textbook). You are requested to prepare a two page summary of how you quantitatively assessed the risk using the I & W analysis technique. As with assignment 3, I am not expecting you to perform a detailed quantitative risk assessment. I am looking to see how you demonstrate critical thinking skills in using quantitative analytics methods and techniques to identify and assess competitive risks. Again, I will ask you to summarize what steps you would take, or have hypothetically taken, to determine quantitatively, the potential impact and probability of the risk. After selecting and quantitatively assessing your risk, you should again update and submit the RT & RP with the summarized high-level results of the quantitative assessment.