You work as a project manager for BlueWell Inc. You are about to complete the quantitative risk analysis process for your project. You can use three available tools and techniques to complete this…

Quantitative risk analysis and modeling techniques - including Monte Carlo simulation and decision tree analysis - are legitimate tools for this process.

Data gathering and representation techniques such as interviewing and probability distributions are standard tools used to collect and present quantitative risk data.

Expert judgment is a recognized tool used throughout quantitative risk analysis to interpret data and validate model results.

In the PMBOK framework, tools and techniques are the methods applied during a process, while inputs are the resources consumed. Organizational process assets (historical databases, lessons learned, templates) are classified as an input to quantitative risk analysis, not a tool. The recognized tools and techniques for this process are data gathering and representation techniques, quantitative risk analysis and modeling techniques, and expert judgment.