Identify the project risk management process
Janet is working on project risk management. She works on Data first. She is involved in risk management process which helps her to prioritize risks and find its probability and impact. Identify the project risk management process that Janet is working on.
A. Perform quantitative risk analysis.
B. Perform qualitative risk analysis.
C. Monitor risks.
D. Plan risk response.
Answer: Option B is correct.
Perform qualitative risk analysis
Perform qualitative risk analysis helps to prioritize risks and find its probability and impact. To perform qualitative risk analysis, prioritize the risk for further analysis by assessing their probability and impact to the project. This helps to allocate enough time and proper resources to deal with the risks if they occur and also the project team's focus of high-priority risks. It assesses the probability of identified risks and its impact, and also the risk response timeframe and organizations risk tolerance levels related to scope, cost, quality and schedule. It involves a shortlist of previously identified risks and it is further analyzed to perform quantitative risk analysis. Performing qualitative risk analysis is a subjective analysis of risks identified in the risk register. It is a cost effective method to prioritize plan risk response and foundation for the performance of quantitative risk analysis. It will be performed throughout the project.