A risk manager wants to determine what risk has the biggest impact on project cost. The risk manager identified three risks, which could occur in different phases of the project. What should the risk

An SME meeting may support qualitative or quantitative analysis as a technique, but it is not the first distinct process step in the risk management framework for assessing cost impact.

Qualitative risk analysis is performed before quantitative analysis in the standard risk management process, using probability and impact assessments to prioritize risks and determine which ones warrant further quantitative analysis. Performing qualitative analysis first ensures that resources for quantitative cost modeling are focused on the most significant risks, providing an efficient and structured path to understanding cost impact.

Quantitative analysis follows qualitative analysis in the risk management process; proceeding directly to quantitative analysis skips the required qualitative screening step and misallocates resources.

Prioritizing stakeholders affected is a stakeholder management activity, not a risk analysis technique for assessing cost impact.