PMI-RMP Certification Training - Critical Success Factor and Project Risk Ranking

The video tutorial covers the process of risk analysis, emphasizing the importance of prior risk identification and qualitative analysis before quantitative analysis. It highlights the need to focus on high-priority risks and the role of a suitable project model. The tutorial also discusses the significance of high-quality, unbiased risk data and the benefits of involving multiple people to reduce bias. It explains the concept of linking risks with common root causes and concludes with methods for project risk ranking, using diagrams to illustrate risk exposure and comparison.

Why is qualitative risk analysis performed before quantitative risk analysis?

• It requires more resources and time.

• It is only used for low-priority risks.

• It provides a detailed numerical analysis.

• It is more subjective and less resource-intensive.

What is a critical factor in selecting a project model for quantitative risk analysis?

• The model should focus only on cost.

• The model should be the simplest available.

• The model should mirror expected results.

• The model should be the most complex available.

How can bias be reduced when gathering risk data?

• By focusing only on quantitative data.

• By ignoring qualitative data.

• By involving multiple people in the assessment.

• By using only one expert's judgment.

What does the project risk ranking allow for?

• It allows for the exclusion of high risks.

• It allows for the elimination of all risks.

• It allows for comparisons among different projects.

• It allows for the prioritization of low risks.

What does the probability and impact matrix display?

• The number of risks and their probability and impact.

• The number of risks and their cost.

• The number of risks and their schedule.

• The number of risks and their exposure.