Which of the following techniques involves attempting to make and numerically determine the probability of various adverse events and measuring the likely extent of the losses?

Risk analysis is a general umbrella term for examining risks and does not specifically imply numerical or probabilistic measurement methods.

Qualitative risk analysis prioritizes risks using subjective scales such as high, medium, or low rather than assigning specific numerical probabilities or financial values.

Risk assessment broadly refers to identifying and evaluating risks without implying a strictly numerical or probabilistic methodology.

Quantitative risk analysis numerically analyzes the effect of identified risks on overall project objectives by assigning numerical probability values and monetary impact estimates to risk events. This technique uses methods such as Monte Carlo simulation and decision tree analysis to produce measurable outputs like expected monetary value, allowing objective comparison of risk severity and potential loss.