Flashcards in Perform Quantitative Risk Analysis Deck (8)
What is the purpose to Perform Quantitative Risk Analysis?
The process of numerically analyzing the effects of identified risks on the overall project objectives.
What are the tool and techniques to Perform Quantitative Risk Analysis?
1) Interviewing, 2) Probability Distributions, 3) Sensitivity Analysis, 4) Expected Monetary Value Analysis, 5) Decision Tree, 6) Monte Carlo Analysis (using many iterations to predict)
What is Sensitivity Analysis?
Analyze which variables have the greatest impact on the project. (Tornado Diagram)
What is Expected Monetary Value Analysis?
Statistical concept that calculates the average outcome when the future includes scenarios that may or may not happen.
What is the formula to find Expected Monetary Value Analysis (EVM)?
EVM = Probability x Impact (positive is expressed as opportunities and negative as threats)
What is a Decision Tree Analysis?
Using EMV to make a decision.
What is the output to Perform Quantitative Risk Analysis?
Risk Register Update