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The Project Management Tool Kit, 3rd Edition by Tom Kendrick

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RISK PROCESS

70

Quantitative Risk Analysis (PMBOK® Guide 11.4)

  What: Assessing risk severity in numerical terms.
  When: Project planning and execution.
  Results: Anticipated risk impact estimates in absolute units, such as time, cost, or effort.

Quantitative risk analysis applies processes defined in project risk-management planning to risks documented using risk identification. Determine which risks warrant more precise quantitative analysis through prioritizing your listed risks using qualitative risk assessment. Quantitative analysis requires greater effort, but it generates specific estimates of risk probability and impact for the most severe project risks.

Convert Probability Ranges into Estimates

In place of the ranges used ...

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