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…

Reviewing individual risk events for probability and impact through subjective ratings describes qualitative risk analysis, which uses scales rather than numerical modeling.

Determining the true cost of each individual risk event is too narrow; quantitative analysis evaluates the cumulative probabilistic impact on the whole project, not just per-risk cost.

Quantitative risk analysis applies numerical techniques to assess the combined effect of identified risk events on overall project objectives, with particular focus on risks that may substantially impact total cost or schedule. It uses tools like Monte Carlo simulation and decision trees to produce probabilistic outcomes, helping stakeholders understand the range of possible project results.

Reviewing results of risk identification and preparing for risk response planning is a transition description, not the analytical purpose of quantitative risk analysis.