You and your project team have identified the project risks and now are analyzing the probability and impact of the risks. What type of analysis of the risks provides a quick and high-level review…

Quantitative risk analysis applies numerical methods such as Monte Carlo simulation and expected monetary value calculations, making it a detailed and time-intensive process rather than a quick high-level review.

The seven risk responses (avoid, transfer, mitigate, accept, escalate, exploit, share) are response strategies applied after analysis is complete - not an analysis technique.

Qualitative risk analysis uses subjective scales such as high, medium, and low to prioritize risks based on their assessed probability and impact, making it a quick first-pass review of all identified risk events. It does not require detailed numerical data, allowing the project team to rapidly sort risks and determine which warrant deeper analysis or immediate response planning.

A risk probability-impact matrix is a tool used within qualitative risk analysis to display results, not the name of the analysis process itself.