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TOPIC: Explanation please

Explanation please 5 days 22 hours ago #22567

  • Viswa Kathir
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Hi All,

This is one the question I came across in mock,

Q- Perform Qualitative Risk Analysis and Perform Quantitative Risk Analysis are risk analysis process. Which of the following statements is true about these processes?

1. Quantitative Risk Analysis is always performed after Perform Qualitative Risk Analysis
2. Expert Judgement is a Tool & Technique for Perform Qualitative Risk Analysis but it is not for Perform Quantitative Risk Analysis
3.Perform Qualitative Risk Analysis is used to prioritize the risks while Perform Quantitative Risk Analysis is used to numerically analyze the risks
4. Quantitative Risk Analysis may not be done for every project

While the answer key says the correct answer is 4 which I agree. But I felt even answer 3 is also correct.
Any explanation on why answer 3 is not correct? That would help my insight on approaching these types of questions.

Explanation please 5 days 20 hours ago #22569

  • Vivek Sharma
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The Perform Quantitative Risk Analysis process is also used to prioritize the individual project risk, apart from of course numerically analyzing the risk. Not sure whether option 3 indirectly meant that the Perform Quantitative Risk Analysis process can not be used to prioritize the risk (which is a wrong statement). But, I don't think this is what option 3 implied and hence, would need a more convincing explanation for ruling out 3. What explanation did the mock provide?

Explanation please 4 days 9 hours ago #22598

  • Ali MOMENZADEHPISHROO
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Quantitative risk analysis is numerically analyzing the effect of risk on overall project objective NOT analyzing the risk itself so 3 is wrong

Explanation please 3 days 10 hours ago #22611

  • Vivek Sharma
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Ali MOMENZADEHPISHROO wrote: Quantitative risk analysis is numerically analyzing the effect of risk on overall project objective NOT analyzing the risk itself so 3 is wrong

I have my doubts on Quantitative Risk Analysis is "NOT analyzing the risk itself". We definitely do individual project risk analysis in this process.

Explanation please 3 days 6 hours ago #22613

  • Harry Elston
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Vivek and Ali:

First, Ali's response is a good paraphrase from the PMBOK. However, it really does not answer the original question.

Quantitative risk assessments cost time, treasure and talent to perform correctly and they are not used in all cases because of this. For project management, they are typically performed only on high-value projects.

Choice 4 is the correct answer. See sections 11.3 and 11.4 of the PMBOK for a complete discussion of the two types of risk assessments.

Harry
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Harry J. Elston, Ph.D., CIH, PMP
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