4 Quantitative Analysis Models for Projects

 

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. 

 

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qunatitative analysis methods

 

#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 decisions 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 calculate the potential impact of events based on the project, based on random impact value of the risk of your project. 

 

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Adeniyi Salau

Adeniyi Salau Scrum Master Certified , CCNA R&S , BeingCert and Scrum Certified Digital Marketing Professional, CEP, MOS, MCP, CSCU (Project 2016), Microsoft Certified Security and Networking Associate is a Google and Beingcert Certified Digital Marketer, Project Manager and SEO Expert of repute with about a decade of Blogging and online marketing experience. He is always ready to share his experience with others.

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