You work as a project manager for BlueWell Inc. You are working on a project and the
management wants a rapid and cost-effective means for establishing priorities for planning risk
responses in your project. Which risk management process can satisfy management’s objective for your project?
A.
Qualitative risk analysis
B.
Historical information
C.
Rolling wave planning
D.
Quantitative analysis
Explanation:
Qualitative risk analysis is the best answer as it is a fast and low-cost approach to
analyze the risk impact and its effect. It can promote certain risks onto risk response planning.
Qualitative Risk Analysis uses the likelihood and impact of the identified risks in a fast and cost-effective manner. Qualitative Risk Analysis establishes a basis for a focused quantitative analysis
or Risk Response Plan by evaluating the precedence of risks with a concern to impact on the
project’s scope, cost, schedule, and quality objectives. The qualitative risk analysis is conducted at
any point in a project life cycle. The primary goal of qualitative risk analysis is to determine
proportion of effect and theoretical response. The inputs to the Qualitative Risk Analysis process
are: Organizational process assets Project Scope Statement Risk Management Plan Risk Register
not the best answer for the question as historical information is not always available (consider new
answer for risk analysis processes.