Data Gathering and Representation Techniques

Once we are done with qualitative analysis of the risk need to carry out quantitative analysis. Interviews and Probability distributions helps in arriving at quantification of risks.

An interview is to gather information from experts based on historical information. While collecting the probability and impact there may be situation stakeholders having difference of opinion. For example for a particular risk one may say the probability is 20%, the other stakeholder may say the probability is 40% and one more stakeholder may say it is 80%. So we can use three point estimation (PERT) to arrive the more approximate or realistic value. Similarly it is applicable for Impact.

Probability distribution uses two types one is Beta distribution and the second is Triangular distribution. These distributions provide the relative likely hood of risks in terms of cost and time.

Data Gathering and Representation Techniques is used under the process Perform Quantitative Risk Analysis.