Performing Quantitative Risk Analysis for Projects

quantitative risk analysis

Performing Quantitative Risk Analysis for Projects

 

When you are performing Quantitative Risk Analysis for the project, you are trying to determine the overall risk exposure for the entire project. 

 

This can assist the organisation to take advantage of opportunities which means you are turning negative outcome to a positive one. By performing a quantitative risk analysis, you can take steps to maximize the positive consequence of the opportunities facing your project.

quantitative risk analysis

Quantitative risk analysis is a technique that is used to assess the risk exposure events to overall project objectives and determine the confidence levels of achieving the project objectives. Quantifying risk can help you identify some time and cost contingencies of a project. It further enhances the prioritization and scoring of risks produced during qualitative analysis.

 

A Practical example…

The project team on the Supply Chain management software project identifies process data for a statistical analysis using a Monte Carlo simulation to determine the confidence level that the project will be completed on time and within the budget.

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The team identifies critical project parameters which affect the project schedule. The team further determines the project success rate and make decisions about viable project alternatives taking into account the risk within the project.

 

Everyday practicalities…

 

In most everyday project management scenarios, conducting quantitative risk analysis is adequate to meet the project manager’s purposes only in sophisticated, mature project management is there much additional value added by conducting a quantitative risk analysis. 

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