Introducing Project Risk Management - Preparing for Quantitative Risk Analysis
8 important questions on Introducing Project Risk Management - Preparing for Quantitative Risk Analysis
How do qualitative and quantitative risk analysis relate?
What are the goals of quantitative risk analysis?
- To ascertain the likelihood of reaching project success
- To ascertain the likelihood of reaching project's objectives
- To determine the risk exposure for the project
- To determine the likely amount of the contingency reserve needed for the project
- To determine the risks with the largest impact
- To determine realistic time, cost, and scope targets
What do we mean with continuous probability distributions?
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What is the goal of sensitivity analysis?
- It is to determine which individual risks have the greatest impact on the project's success and then escalate the risk management processes on these risk events.
- Each project risk is examined on its own merit.
What is the expected monetary value of a risk?
What is the purpose of a decision tree?
What should the end-results of quantitative risk analysis include?
- Probabilistic Analysis -
- Probability of costs and schedule objectives -
- A prioritized list of risks -
- Trends -
When should quantitative risk analysis be completed?
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