You work as a project manager for BlueWell Inc. You are working on a project and the management wants a rapid and cost-effective means for establishing priorities for planning risk responses in your p

The correct answer is B. Qualitative risk analysis. Qualitative Risk Analysis is specifically designed to be a rapid and cost-effective method for prioritizing risks by assessing their probability of occurrence and impact on project objectives. It produces a ranked list of risks that feeds directly into risk response planning. Qua

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Question

You work as a project manager for BlueWell Inc. You are working on a project and the management wants a rapid and cost-effective means for establishing priorities for planning risk responses in your project. Which risk management process can satisfy management's objective for your project?

Options

AHistorical information
BQualitative risk analysis
CQuantitative analysis
DRolling wave planning

How the community answered

(41 responses)

A
2% (1)
B
93% (38)
C
5% (2)

Explanation

Qualitative Risk Analysis is specifically designed to be a rapid and cost-effective method for prioritizing risks by assessing their probability of occurrence and impact on project objectives. It produces a ranked list of risks that feeds directly into risk response planning. Quantitative Risk Analysis (C) is more resource-intensive and numerically rigorous, making it less 'rapid and cost-effective' for general prioritization. Historical information (A) is an input, not a process. Rolling wave planning (D) is a scheduling technique, not a risk management process.

Topics

#Qualitative Risk Analysis#Risk Prioritization#Risk Management Processes#Cost-effective Risk Management

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