QUALITATIVE RISK ANALYSIS METHODS IN AVIATION PROJECTS

This paper provides information to project managers and project teams that will help with their risk management efforts in the following ways: provide a consistent methodology for performing project risk management activities, provide techniques and tools for project risk management, identify data requirements for risk analysis input and for output, and provide guidance on how to proactively respond to risks. The research will outline a few of the qualitative methods commonly used in project risk management and also accomplishes the comparative evaluation of different methods using multi-criteria analysis. Understanding of project risks will better enable project teams to contribute to the fulfillment of public service through assessing project risk and uncertainty to aide in making decisions regarding aviation project development and delivery. These decisions contribute to public safety and the projects we deliver add value on many levels. Qualitative risk analysis assesses the impact and likelihood of the identified risks and develops prioritized lists of these risks for further analysis or direct mitigation. The team assesses each identified risk for its probability of occurrence and its impact on project objectives. Project teams may elicit assistance from subject matter experts or functional units to assess the risks in their respective fields.