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Risk Analysis for the peoject

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pallav29

Risk Analysis for the peoject

Thu Nov 19, 2020 7:12 am

A stakeholder identifies a potential infrastructure problem that may result in financial impacts to a new bridge construction project. The stakeholder asks the project team to document and implement some proactive actions to avoid the potential issues. Now, the project manager must classify the risk according to the existing risk rankings.
What kind of analysis should the project manager use?

A. Earned value
B. Quantitative risk
C. Qualitative risk
D. Financial

Th answer given is B , but my answer is C. The Qualitative risk analysis prioritizes risk based on impact and probability. It is then sent to quantitative risk analysis if required . So prioritizing(ranking) is done in Qualitative and not in Qualitative .
manishpn
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Re: Risk Analysis for the peoject

Sat Nov 21, 2020 9:49 am

pallav29 wrote:
Thu Nov 19, 2020 7:12 am
A stakeholder identifies a potential infrastructure problem that may result in financial impacts to a new bridge construction project. The stakeholder asks the project team to document and implement some proactive actions to avoid the potential issues. Now, the project manager must classify the risk according to the existing risk rankings.
What kind of analysis should the project manager use?

A. Earned value
B. Quantitative risk
C. Qualitative risk
D. Financial

Th answer given is B , but my answer is C. The Qualitative risk analysis prioritizes risk based on impact and probability. It is then sent to quantitative risk analysis if required . So prioritizing(ranking) is done in Qualitative and not in Qualitative .
I agree with your view
'Perform Quantitative Risk Analysis uses information on individual project risks that have been assessed by the
Perform Qualitative Risk Analysis process as having a significant potential to affect the project’s objectives.'

The question mentions problem may result in financial impact, but does not say the magnitude of the impact,
Br,
Manish P
PMP, PMI - ACP, SAFe Agilist
http://www.izenbridge.com/blog/7-effect ... ification/
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pallav29

Re: Risk Analysis for the peoject

Sun Dec 13, 2020 2:42 am

"The question mentions problem may result in financial impact, but does not say the magnitude of the impact,"

Agreed. Which means probability of occurrence and impact on project objective is yet to be done. Hence Qualitative analysis is must . Does that mean option "B. Quantitative risk" is the wrong answer and my answer "C. Qualitative risk" is correct?
manishpn
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Posts: 3055
Joined: Sat Jan 04, 2014 3:55 pm

Re: Risk Analysis for the peoject

Thu Mar 04, 2021 2:42 am

pallav29 wrote:
Sun Dec 13, 2020 2:42 am
"The question mentions problem may result in financial impact, but does not say the magnitude of the impact,"

Agreed. Which means probability of occurrence and impact on project objective is yet to be done. Hence Qualitative analysis is must . Does that mean option "B. Quantitative risk" is the wrong answer and my answer "C. Qualitative risk" is correct?
Yes that is correct :)


Last bumped by Anonymous on Thu Mar 04, 2021 2:42 am.
Br,
Manish P
PMP, PMI - ACP, SAFe Agilist
http://www.izenbridge.com/blog/7-effect ... ification/

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