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Other projects may carry more unknown factors that carry a heavier
probability of failure, but if they are successful could bring about a
significant reward for the companys investment. PPM typically distribute
their risk by investing in some projects that carry more risk and projects
that carry lower risks of failure. The risk-reward is examined for each
project and for the collection of projects in the portfolio.
There are two tools that are commonly used to predict, analyze, and
balance risk within PPMs:
Risk analysis within PPM examines the risk of doing, or not doing, the
project. This is where a quantitative value of actually doing the project
must outweigh the capital needed to do the project. A study into the value
of the project examines both the anticipated efficiency and the productivity
the project may bring the organization. A common risk, especially in IT, is
the assumption that a new software or hardware solution will make the
organization more efficient and therefore will make the organization more
productive. Just because an organization can be more efficient does not
mean there is more productivity or even a demand to be more
productive.
Risk identification is an ongoing process to try to capture all of the
possible risk events that could affect the projects. Each risk then is quickly
analyzed for probability and impact through qualitative risk analysis.
Qualitative risk analysis quickly examines the risk event to justify further
analysis on the risk. If the risk qualifies it then moves onto the more indepth study called quantitative analysis. Quantitative risk analysis aims to
quantify the true probability of success or failure and its financial impact if
the risk comes into fruition.