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 p

Quantitative risk analysis involves numerically analyzing the probability and impact of identified risks on overall project objectives, focusing on those risks that could substantially affect the project, often using techniques like Monte Carlo simulations.

This statement describes a phase that generally precedes quantitative risk analysis, focusing on identifying risks and preparing for further analysis, not the quantitative analysis itself.

While cost is an aspect of risk impact, quantitative risk analysis encompasses broader effects on project objectives (e.g., schedule, performance) and not solely the 'true cost' of each event in isolation.

This statement is incomplete; while it mentions probability and impact, quantitative analysis specifically focuses on the overall effect on the project and the potential for substantial impact, not just a general review of probability and impact which is also done qualitatively.