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PK0-004 · Question #324

Which of the following are the BEST risk analysis tools to determine a project's risk level? (Select two.)

The correct answer is C. Monte Carlo E. Expert judgment. Monte Carlo simulation provides quantitative probability modeling for overall project risk, while expert judgment applies experienced knowledge to assess and qualify risks that data alone cannot capture.

Tools and documentation

Question

Which of the following are the BEST risk analysis tools to determine a project's risk level? (Select two.)

Options

  • AFishbone diagram
  • BRACI matrix
  • CMonte Carlo
  • DProcess flowchart
  • EExpert judgment
  • FProject dashboard

How the community answered

(39 responses)
  • A
    15% (6)
  • B
    3% (1)
  • C
    74% (29)
  • D
    3% (1)
  • F
    5% (2)

Why each option

Monte Carlo simulation provides quantitative probability modeling for overall project risk, while expert judgment applies experienced knowledge to assess and qualify risks that data alone cannot capture.

AFishbone diagram

A fishbone (Ishikawa) diagram identifies root causes of problems already encountered, not a tool for determining overall project risk level before or during execution.

BRACI matrix

A RACI matrix is a responsibility assignment tool that maps tasks to roles (Responsible, Accountable, Consulted, Informed); it has no function in risk analysis.

CMonte CarloCorrect

Monte Carlo simulation is a quantitative risk analysis technique that runs thousands of iterations across probability distributions for cost and schedule variables, producing a statistical risk profile and confidence intervals for project outcomes.

DProcess flowchart

A process flowchart documents workflow sequences and decision points; while useful for identifying process risks, it is not a risk analysis tool for determining an overall risk level.

EExpert judgmentCorrect

Expert judgment leverages the experience of subject matter experts and seasoned project managers to identify, assess, and prioritize risks - particularly useful when historical data is scarce or qualitative judgment is needed to determine risk level.

FProject dashboard

A project dashboard is a reporting and status monitoring tool that communicates current project health to stakeholders; it does not perform risk analysis or quantify risk levels.

Concept tested: Quantitative and qualitative risk analysis techniques

Source: https://www.pmi.org/learning/library/monte-carlo-analysis-risk-management-9491

Topics

#risk analysis#Monte Carlo simulation#expert judgment#risk management

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