Gary is the project manager for his project. He and the project team have completed the qualitative risk analysis process and are about to enter the quantitative risk analysis process when Mary, the…

While quantitative analysis deals with cost, simply 'determining the true cost' is an oversimplification and does not fully capture the comprehensive numerical analysis of probability and impact that defines quantitative risk analysis.

Reviewing risk events for their probability and impact, without specific numerical quantification, more accurately describes the qualitative risk analysis process rather than quantitative.

Reviewing the results of risk identification and preparing for monitoring describes a preliminary phase or the output of risk identification, not the core analytical process of quantitative risk analysis itself.

Quantitative risk analysis involves a numerical analysis of the probability and consequences of identified risks, particularly focusing on the financial impact and the overall effect on project objectives. This process typically uses techniques like Monte Carlo simulations or decision tree analysis to quantify risk exposure and analyze the effects of risk events that may substantially impact the project.