A project team has identified project risks and is determining the likelihood and impact of these risks. Which of the following BEST characterizes this activity?

The correct answer is C. Quantification. Assessing the likelihood (probability) and impact (severity) of identified risks is the definition of risk quantification - specifically Qualitative Risk Analysis (scoring risks by probability and impact) or Quantitative Risk Analysis (numerically modeling risk effects). Risk…

Project management concepts

Question

Options

AResponse
BPrioritization
CQuantification
DReview

How the community answered

(54 responses)

A
4% (2)
B
7% (4)
C
87% (47)
D
2% (1)

Explanation

Assessing the likelihood (probability) and impact (severity) of identified risks is the definition of risk quantification - specifically Qualitative Risk Analysis (scoring risks by probability and impact) or Quantitative Risk Analysis (numerically modeling risk effects). Risk response (A) involves planning how to address risks, prioritization (B) results from quantification but is not the activity itself, and review (D) implies revisiting previously assessed risks, not the initial assessment process.

Topics

#risk quantification#likelihood and impact#risk assessment#risk management

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