You work as a project manager for BlueWell Inc. You are working on a project and the management wants a rapid and cost-effective means for establishing priorities for planning risk responses in your…

The correct answer is A. Qualitative risk analysis. Qualitative Risk Analysis (A) is specifically designed to provide a rapid and cost-effective means for establishing priorities for risk responses. It uses probability and impact assessments (often in a probability-impact matrix) to rank risks subjectively without requiring…

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Question

You work as a project manager for BlueWell Inc. You are working on a project and the management wants a rapid and cost-effective means for establishing priorities for planning risk responses in your project. Which risk management process can satisfy management's objective for your project?

Options

AQualitative risk analysis
BQuantitative analysis
CHistorical information
DRolling wave planning

How the community answered

(40 responses)

A
73% (29)
B
18% (7)
C
3% (1)
D
8% (3)

Explanation

Qualitative Risk Analysis (A) is specifically designed to provide a rapid and cost-effective means for establishing priorities for risk responses. It uses probability and impact assessments (often in a probability-impact matrix) to rank risks subjectively without requiring detailed numerical analysis. Quantitative Analysis (B) is more rigorous and time-consuming, using numerical techniques like Monte Carlo simulation. Historical information (C) is an input to risk processes, not a process itself. Rolling wave planning (D) is a progressive elaboration planning technique, not a risk management process.

Topics

#Risk management processes#Qualitative risk analysis#Risk prioritization#Cost-effective risk analysis

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