Which approach is essential to assess the probability and impact of a risk?

The approach of analysis is fundamental in assessing the probability and impact of a risk because it enables a systematic evaluation of potential risks within a project. Through analysis, project managers can identify, quantify, and prioritize risks based on their likelihood of occurrence and the potential consequences if they do occur. This process often involves using quantitative methods, such as statistical models, or qualitative assessments, like risk matrices, to determine how risks could affect project objectives.

This focused approach allows project managers to make informed decisions regarding which risks need attention and which can be accepted or monitored. By understanding both the probability and the potential impact, a project manager can effectively develop risk mitigation strategies tailored to the specific circumstances of the project.

The other methods listed play supportive roles in project management but do not directly focus on the comprehensive evaluation of risk in the same detailed manner. Brainstorming is primarily a creative technique for generating ideas but does not quantify risks. SWOT Analysis, which examines strengths, weaknesses, opportunities, and threats, provides a broader context but is less focused on numerical risk assessment. Lessons Learned offers valuable insights from past projects but does not constitute a direct method for assessing current risks. Each of these strategies has its uses, but analysis stands out as the key approach for effectively assessing risk in terms