The importance of risk analysis techniques and quality assurance

Academic Paper from the year 2018 in the subject Business economics - Business Management, Corporate Governance, grade: 1.0, University of South Australia (McGill), course: Business Managament, language: English, abstract: The author gives an example of a quality assurance and control plan and a risk matrix, which includes the risks, probability and importance of the risks and the action plan as well as the person responsible for the risks. There are a number of risk analysis techniques. Brainstorming is primarily used in the project planning stage to identify as well as postulate the various risk scenarios. It helps project teams to creatively think as a group by building on various ideas. SWOT analysis is another framework of risk analysis that can be applied in a project as a means of assessing the external and internal influence that can have an impact on the project. The influences can either be positive or negative. Root cause analysis (RCA) is a method applied in analysing the adverse and serious events through the identification of problems that increase the likelihood of errors without focusing on individuals' mistakes.