Best Methods for Discovering High-Impact Risk Types

C.

Failure modes and effects analysis is used in discovering high-impact risk types.

FMEA: -> Is one of the tools used within the Six Sigma methodology to design and implement a robust process to: - Identify failure modes - Establish a risk priority so that corrective actions can be put in place to address and reduce the risk - Helps in identifying and documenting where in the process the source of the failure impacts the (internal or external) customer - Is used to determine failure modes and assess risk posed by the process and thus, to the enterprise as a whole' Incorrect Answers: A, D: These two are the methods of analyzing risk, but not specifically for high-impact risk types.

Hence is not the best answer.

B: Delphi is a technique to identify potential risk.

In this technique, the responses are gathered via a question: and their inputs are organized according to their contents.

The collected responses are sent back to these experts for further input, addition, and comments.

The final list of risks in the project is prepared after that.

The participants in this technique are anonymous and therefore it helps prevent a person from unduly influencing the others in the group.

The Delphi technique helps in reaching the consensus quickly.

To discover high-impact risk types, the BEST method is typically quantitative risk analysis.

Quantitative risk analysis is a method used to numerically analyze the probability and impact of identified risks to determine which risks are most significant. This analysis typically requires a significant amount of data, such as historical data on similar projects, to establish the probability of the risk occurring and the potential impact if it does occur. The results of quantitative risk analysis can then be used to prioritize risks based on their potential impact.

Qualitative risk analysis is also a valuable method for identifying high-impact risks, but it is not as effective at quantifying the potential impact of risks. Qualitative risk analysis typically involves assessing risks based on their likelihood and potential impact using subjective measures such as a risk matrix. This method can be useful for identifying potential risks, but it is not as reliable as quantitative analysis for prioritizing risks.

The Delphi technique is a method of gathering input from multiple experts in order to reach a consensus. While this method can be useful for gathering opinions on potential risks, it is not typically used for quantifying the impact of risks.

Failure modes and effects analysis (FMEA) is a method used to identify and mitigate potential failures in a system or process. While FMEA can be a useful tool for identifying potential risks, it is not typically used for quantifying the potential impact of those risks.

Therefore, based on the given options, quantitative risk analysis is the BEST method for discovering high-impact risk types.