You are the project manager of the NNN project for your company.
You and the project team are working together to plan the risk responses for the project.
You feel that the team has successfully completed the risk response planning and now you must initiate what risk process it is.
Which of the following risk processes is repeated after the plan risk responses to determine if the overall project risk has been satisfactorily decreased?
Click on the arrows to vote for the correct answer
A. B. C. D.decreased.
Answer: D is incorrect.
Qualitative risk analysis is not repeated after the plan risk response process.
Answer: B is incorrect.
Risk identification is an.
The quantitative risk analysis process is repeated after the plan risk responses to determine if the overall project risk has been satisfactorily.
The risk process that is repeated after the plan risk responses to determine if the overall project risk has been satisfactorily decreased is option A: Quantitative Risk Analysis.
Quantitative Risk Analysis is the process of numerically analyzing the effect of identified risks on overall project objectives. It involves using data and statistical methods to analyze the probability and impact of identified risks on project objectives such as cost, schedule, quality, and performance.
In the context of the question, the team has completed the planning of risk responses, which means that they have identified risks, assessed their potential impact on the project, and developed response strategies to address them. The next step is to evaluate whether these response strategies have been effective in decreasing the overall project risk.
Quantitative Risk Analysis provides a method for measuring the effectiveness of the risk response strategies that have been put in place. It involves updating the risk register, revising risk probabilities and impacts, and calculating the revised risk exposure. This analysis helps project managers to determine whether the risk response strategies that have been implemented are sufficient to reduce the overall project risk to an acceptable level.
In conclusion, Quantitative Risk Analysis is the risk process that is repeated after the plan risk responses to determine if the overall project risk has been satisfactorily decreased.