Description
According to the Project Management Institute (PMI)® A Guide to the Project Management Body of Knowledge (PMBOK® Guide), Fifth Edition, 2013, both qualitative and quantitative risk analysis techniques are used to prioritize and determine the likelihood of risks. Compare and contrast quantitative versus qualitative analysis, and discuss two situations that warrant only the use of qualitative analysis.
Explanation & Answer
Attached.
Running Head: QUALITATIVE AND QUANTITATIVE RISK ANALYSIS
Qualitative and Quantitative Risk Analysis
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QUALITATIVE AND QUANTITATIVE RISK ANALYSIS
Qualitative and quantitative analysis
Introduction
A risk is defined as a situation which is likely to expose something or someone of value to
loss or danger. Risk analysis is an integral part of project management which makes the
provision of managers to effectively plan ahead either in avoidance of the risk, its prevention or
outcome management should the risk turn out to be an issue. Therefore, qualitative and
quantitative approaches are essential risk analysis tools which assist in the ...