Combining the Best Attributes of Qualitative and Quantitative Risk Management Tool Support

Abstract

Tools have been developed that support risk identification and management activities during different phases of a project lifecycle. For the earlier stages of the project lifecycle, a tool for the qualitative identification and manipulation of risk and risk mitigation data was developed. For the later stages of the lifecycle, a separate tool for the quantitative manipulation of requirements, risk and risk mitigation data was developed. These two tools were then combined into a single tool. The combination of these qualitative and quantitative risk management tools is the focus of this paper. The combination was first envisioned as simply a convenience, ensuring that the results from the early lifecycle risk management would flow smoothly into the later lifecycle management. However, it was found that the combination led to the possibility of extending many of the capabilities of each tool into the other tool's phases. The net result is a combination that exhibits the best attributes of both qualitative and quantitative risk management tool support.