Perform Quantitative Risk Analysis

Figure 24:Perform Quantitative Risk Analysis: Inputs, Tools and Techniques, and Outputs.   Reprinted from "A Guide to the Project Management Body of Knowledge (PMBOK Guide), (5th Edition)" by Project Management Institute, 2013, p. 334. Newton Square, PA: Project Management Institute, Inc. Reprinted without permission

In Figure 24: Perform Quantitative Risk Analysis above depicts all the possible inputs tools and techniques resulting in Project documents updates.

11.4 Perform Quantitative Risk Analysis

 Process Definition 

 Quantitative Risk Analysis is a numerical way to quantify the effects of identified risks on a project. The numerical analysis is utilized as a tool project and forecast the severity or likelihood of an identified risk event occurring during a project. Techniques such as Sensitivity Analysis, SWOT Analysis, and Monte Carlo are utilized to measure the probability of each identified risk. 

Process Assessment Quantitative

 Analysis is usually performed on risks with high impact. Qualitative analysis helps narrow the focus so that quantitative analysis can further identify the likelihood of these risk events occurring. Simulations are used to identify the most likely scenarios and plans put in place as preventive measures to lessen the impact of the most probable risks.

 Perform Quantitative Risk Analysis

11.4.1

Input  

Risk Management Plan PGMT 613:

This Risk Management Plan created in PGMT 613, is an input for Quantitative Risk Analysis.

11.4.2

Tools and Techniques 

Quantitative Methods Paper PGMT 613:

This paper talks two tools used in quantitative analysis Monte Carlo Simulations and the Sensitivity model.

11.4.3

Outputs

PERT Example PGMT 613

This PERT output generated in Windows QM, a quick and dirty simulation program. 

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