Qualitative and Quantitative Risk Analysis
For this assignment, you will study and analyze various tools and techniques for performing both qualitative and quantitative analyses.
Part 1: Analyses of Various Qualitative and Quantitative Methods
Research and write a 3-4 page (total) evaluation of the listed tools and techniques for both qualitative and quantitative risk analysis (for a total of six tools/techniques).
For qualitative analysis:
-Risk probability and impact assessment.
-Risk categorization.
-Risk urgency assessment.
For quantitative analysis:
-Probability distributions.
-Sensitivity analysis.
-Monte Carlo analysis.
Then, write a summary that includes the following:
-Description of the tool/technique.
-The advantages and disadvantages of the tool/technique.
-Selection of the three tools and techniques you will use for both qualitative and quantitative analysis in your project.
Part 2: Update to the Project Risk Management Plan
Update the Qualitative and Quantitative Risk Analyses sections of the Project Risk Management Plan template. (Attached)
-Introduction: Provide a brief explanation of the intent of the section.
-Major and Minor Risks (both positive and negative).
-Risk Probability (definitions and intent).
-Risk Data Quality Strategy (definitions, examples, intent).
-Risk Reviews.
-Project Risk Matrix.
Note: This course focuses on the analysis of risks and development of a risk management plan. Assumptions need to be made on the inputs from other project management processes including scope, time, budget, resources, quality, procurement, communication, and stakeholder management into the risk management plan.
Additional Requirements
• Written communication: Ensure that your writing is free of errors that detract from the overall message.
• List of references: Include books, Web sites, articles, and other resources.
• Formatting: Format resources and citations according to APA style and formatting guidelines.
• Part 1: 3-4 pages total, Part 2: Template is attached.