What approach can you use to achieve the goal of improving the project’s performance through risk analysis with your project stakeholders?

You work as a project manager for BlueWell Inc. Management has asked you to work with the key project stakeholder to analyze the risk events you have identified in the project. They would like you to analyze the project risks with a goal of improving the project’s performance as a whole. What approach can you use to achieve the goal of improving the project’s performance through risk analysis with your project stakeholders?

A.
Focus on the high-priority risks through qualitative risk analysis

B.
Involve subject matter experts in the risk analysis activities

C.
Involve the stakeholders for risk identification only in the phases where the project directly affects them

D.
Use qualitative risk analysis to quickly assess the probability and impact of risk events

Explanation:

By focusing on the high-priority of risk events through qualitative risk analysis you can improve the project’s performance.
Perform Qualitative Risk Analysis is the process of prioritizing risks for further analysis and action. It combines risks and their probability of occurrences and ranks them accordingly. It enables organizations to improve the project’s performance by focusing on high-priority risks. Perform Qualitative Risk Analysis is usually a rapid and cost-effective means of establishing priorities for Plan Risk Responses. It also lays the foundation for Perform Quantitative Risk Analysis. Answer option B is incorrect. Subject matter experts can help the qualitative risk assessment, but by focusing on high-priority risks the project’s performance can improve by addressing these risk events. Answer option C is incorrect. Stakeholders should be involved throughout the project as situations within the project demand their input to risk identification and analysis.

Answer option D is incorrect. Qualitative analysis does use a fast approach of analyzing project risks, but it’s not the best answer for this