PMI-RMP Certification Training - Qualitative Versus Quantitative Risk Analysis

The video tutorial covers qualitative and quantitative risk analysis, emphasizing their differences and applications. Qualitative risk analysis involves subjective assessments and prioritizes risks for treatment, resulting in a prioritized risk register. Quantitative risk analysis predicts project outcomes using probability distributions and project models, requiring specialized tools. It estimates the likelihood of meeting targets and identifies risks with significant impacts on project schedules or costs. The tutorial also discusses the structure and tools used in quantitative analysis, such as Monte Carlo simulations and decision tree analysis.

What is the primary focus of qualitative risk analysis?

• Scheduling project timelines

• Assessing individual risks descriptively

• Calculating numerical probabilities

• Determining project costs

Which of the following is a key characteristic of quantitative risk analysis?

• It predicts project outcomes based on combined risks

• It uses subjective assessments

• It focuses on individual risks

• It does not require specialized tools

What does quantitative risk analysis use to characterize probability and impact?

• Subjective scales

• Risk registers

• Probability distributions

• Qualitative descriptions

Which tool is commonly used in quantitative risk analysis?

• Fishbone diagram

• PEST analysis

• Monte Carlo simulation

• SWOT analysis

What is the purpose of using project models in quantitative risk analysis?

• To create subjective assessments

• To estimate the likelihood of meeting targets

• To prioritize individual risks

• To update the risk register