Writing 1_Lesson 3

Writing 1_Lesson 3 - impact on project objectives should...

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Evaluating the Two Methods of Risk Analysis April 17, 2011 ITT Online The two results of the Quantitative Analysis and Qualitative analysis is a very good recommendation to go ahead with any project that is being performed. Quantitative Risk Analysis Helps to numerically analyze effects of Identified Risks objectify project on overalls. Using a numerical rating to those risks, we can better understand our project on their effects. Qualitative Risk Analysis Risks Helps us to prioritize for further analysis or action by assessing and Combining Occurrence and Their probability of impact.
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Establishing definitions of Levels of Probability and Impact dog reduces the Influence of bias. Qualitative Risk Analysis vs. Quantitative Risk Analysis A qualitative risk analysis prioritizes the identified project risks using a pre-defined rating scale. Risks will be scored based on their probability or likelihood of occurring and the
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Unformatted text preview: impact on project objectives should they occur. The impact scale is organizationally defined for example, a one to five scale, with five being the highest impact on project objectives - such as budget, schedule, or quality. A qualitative risk analysis will also include the appropriate categorization of the risks, either source-based or effect-based. A quantitative risk analysis is a further analysis of the highest priority risks during which a numerical or quantitative rating is assigned in order to develop a probabilistic analysis of the project. A quantitative analysis quantifies the possible outcomes for the project and assesses the probability of achieving specific project objectives, provides a quantitative approach to make decisions when there is uncertainty, and creates realistic and achievable cost, schedule or scope targets....
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This note was uploaded on 02/28/2012 for the course ECON EC311 taught by Professor Zahid during the Spring '12 term at ITT Tech San Dimas.

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Writing 1_Lesson 3 - impact on project objectives should...

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