Converting Impact Ranges to Estimates
The categories of impact used in qualitative analysis also must be made precise, requiring definition of units (possibly several) and a numeric estimate of project impact measured in these units. For some risks, a single estimate will be appropriate, but for others it may be best expressed as a statistical distribution or a histogram. Quantitative risk impact is measured in days of project slip, money, effort, or some other suitable unit. Most risks have impact in more than one of these units, such as both time and cost.
Cost impact is straightforward, using cost estimating techniques and measured in dollars, yen, euros, or some other monetary unit. Effort impact, measured in units such as person-days, uses ...
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