4 Quantitative Analysis Models for Projects
Quantitative Analysis methods for projects allows Project Managers to consistently determine the probability and impact of each risk they have identified for a project.
Here the four major types of Quantitative analysis for projects.
#1 SENSITIVITY ANALYSIS
A Sensitivity Analysis as a method places a value on the effect of changing a single variable within a project by analysing that effect on the entire project plan.
#2 EXPECTED MONETARY VALUE
Expected Monetary Value as a method assesses the average outcome of both known and unknown scenario for a project. It looks at the impact and probability of both known and unknown risk for a project.
#3 DECISION TREE ANALYSIS
Decision Tree Analysis is one of the quantitative analysis methods for a project. It factors in both probability and impact for each variable, indicating the decisions providing the greatest expected value where all uncertain implications and subsequent decisons are quantified. At times, it allows a Project Manager to make decisions where two or more options are available for the Project Manager.
#4 MODELLING AND SIMULATION
This uses models or programs that calculates potential impact of events based on the project, based on a random impact value of the risk of your project.
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