Project Risk Management
Quantitative risk analysis is generally performed on risks that have been prioritized by using the qualitative risk analysis.
A quantitative analysis:
• Quantifies the possible outcomes for the project and assesses the probability of achieving specific project objectives.
• Provides a quantitative approach to making decisions when there is uncertainty.
• Creates realistic and achievable cost, schedule or scope targets.
Perform Quantitative Risk Analysis-Inputs
• Risk Management Plan
• Cost Management Plan
• Schedule Management Plan
• Enterprise Environmental Factors
• Organizational Process Assets
Perform Quantitative Risk Analysis-Tools and Techniques
• Data Gathering and Representation Techniques
o Probability Distribution
• Quantitative Risk Analysis and Modeling Techniques
o Sensitivity analysis
o Expected Monetary Value Analysis
o Modeling and Simulation
• Expert Judgment
Perform Quantitative Risk Analysis-Outputs
• Project Document Updates
o Probabilistic Analysis of the project
o Probabilistic of achieving cost and time objectives
o Prioritized list of quantified risks
• Trends in quantitative risk analysis results
Perform Quantitative Risk Analysis