You are the project manager of the PFO project.
You are working with your project team members and two subject matter experts to assess the identified risk events in the project.
Which of the following approaches is the best to assess the risk events in the project?
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A. B. C. D.A.
Risk probability and assessment is completed through interviews and meetings with the participants that are most familiar with the risk events, the project work, or have other information that can help determine the affect of the risk.
Incorrect Answers: B: The true cost of the risk event is not a qualitative risk assessment approach.
It is often done during the quantitative risk analysis process.
C: The probability and impact matrix is a tool and technique to prioritize the risk events, but it's not the best answer for assessing risk events within the project.
D: Root cause analysis is a risk identification technique, not a qualitative assessment tool.
The best approach to assess risk events in a project depends on various factors, such as the size and complexity of the project, the available resources, the expertise of the project team, and the organizational culture. However, in general, the most effective approach to assess risk events is a combination of qualitative and quantitative methods.
Option A: Interviews or meetings Interviews or meetings can be a useful way to gather information about the risk events from the project team members and subject matter experts. However, this approach is not enough on its own, as it relies on the knowledge and experience of individuals, which can be subjective and biased.
Option B: Determination of the true cost of the risk event Determining the true cost of the risk event can be an important factor in assessing the potential impact of the risk event on the project. However, this approach does not consider the probability of the risk event occurring, which is also a critical factor in risk assessment.
Option C: Probability and Impact Matrix A Probability and Impact Matrix is a widely used tool in risk assessment. It involves assessing the probability of the risk event occurring and the impact it would have on the project if it did occur. The matrix provides a visual representation of the likelihood and impact of each risk event, allowing project managers to prioritize risks and focus on those with the highest probability and impact.
Option D: Root cause analysis Root cause analysis is a method of identifying the underlying causes of a risk event. This approach can be helpful in determining the factors that contribute to the risk event and developing strategies to prevent it from happening in the future. However, this approach is not sufficient on its own, as it does not consider the probability and impact of the risk event occurring.
In conclusion, the best approach to assess risk events in a project is a combination of qualitative and quantitative methods, including a Probability and Impact Matrix and Root Cause Analysis. These approaches provide a comprehensive understanding of the likelihood, impact, and causes of risk events, allowing project managers to develop effective risk management strategies.