According to the Project Management Institute (PMI)® A Guide to the Project Management Body of Know

  

According to the Project Management Institute (PMI)® A Guide to the Project Management Body of Knowledge (PMBOK® Guide), Fifth Edition, 2013, both qualitative and quantitative risk analysis techniques are used to prioritize and determine the likelihood of risks. Compare and contrast quantitative versus qualitative analysis, and discuss two situations that warrant only the use of qualitative analysis. Qualitative risks are typically categorized by a group of experts to determine the probability and the impact to project objectives. In responding to your peers, consider the next steps you would take as project manager to assemble a group of experts to participate. Who would you select and why?To complete this assignment, review the Discussion Rubric document.
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Peer Review #1
Risk Analysis Discussion by John Ardiff
A very important and challenging part of project management is the mitigation of risk. A
project manager must ensure the analysis of different risks to a project, how they will impact
the project, ways to avoid those risks, and process to respond to those risks. “Given that
whether events happen or not is often out of the range of control of project participants, good
project risk management seeks to limit the impact of possible negative events and increase the
impact of positive events (MindEdge, 2014).” A risk register should be utilized to track and
account for the different risks to the project and be updated throughout the life cycle of the
project. The two types of risk analysis are quantitative and qualitative.
A qualitative risk analysis is typically less complex and would require less effort and
resources. In this type of risk assessment, the risks are prioritized in terms of probability of
occurrence and severity of impact. Risks are ranked based on these tow conditions and are
listed for further action. The two situation that would require only the use of qualitative
analysis would be low probability and low impact.
Quantitative risk analysis offers far more precise information, however, it involves far
more time and resources to complete. Here we see and analysis of the effects of the risk on the
project. A scale should be utilized to rank the high, moderate, and low risks. “Monte Carlo
simulation is the most frequent technique used in risk management… provides precision to the
probability of project completion date (De Araujo et al. 2018).”
Thanks for reading, have a great holiday weekend.
John Ardiff
Reference:
De Araujo, J., De Araujo, F., De Paula, I., Barcaui, A. (2018). Quantitative Risk Analysis in
Megaprojects Schedules: A Critical Comparison Between the Theoretical Finding and
the Empirical Evidence from a Brazilian Oil and Gas company. Journal of Modern
Project Management. December 2018. Pg. 72-89.
MindEdge Inc. (2014). Learning Module 6. QSO – 640: Project Management. Retrieved from:
https://snhu.mindedgeonline.com/content.php?cid=87615
Peer Review #2
Qualitative vs. Quantitative Risk Analysis by Michelle Fuquay
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Quantitative and qualitative risk assessment are techniques used by project teams to evaluate
the possible risks associated with their projects. Qualitative assessment is less complex than
the quantitative assessment. Qualitative is use usually used for small to medium sized
projects vs. quantitative which is used for larger projects that offer and rely on more precise
information. For example, a qualitative analysis would use a scale of “Low, Medium, High”
to indicate the likelihood of a risk event occurring. The qualitative assessment of risk
probability is an inherently subjective process, where quantitative risk assessment relies on
mathematical techniques for risk analysis (MindEdge, 2019).
Qualitative analysis uses subjective judgment based on non-quantifiable information, such as
management expertise, industry cycles, strength of research and development, and labor
relations. Qualitative analysis contrasts with quantitative analysis, which focuses on numbers
found in reports such as balance sheets. The two techniques, however, will often be used
together to examine a company’s operations and evaluate its potential as an investment
opportunity (Smith, 2019).
So, two situations that warrant only the use of qualitative analysis is when the project is a
small to medium sized one and when a scale of risk is measured using a scale of “low,
medium, and high”.
References
MindEdge. (2019). Analyzing Risks. Retrieved July 1, 2019, from QSO 640: Project
Management: https://snhu.mindedgeonline.com/content.php?cid=87600
Smith, T. (2019, June 25). Qualittative analysis. Retrieved from Investopedia:
https://www.investopedia.com/terms/q/qualitativeanalysis.asp
Discussion Rubric: Graduate
Your active participation in the discussion forums is essential to your overall success this term. Discussion questions are designed to help you make meaningful
connections between the course content and the larger concepts and goals of the course. These discussions offer you the opportunity to express your own
thoughts, ask questions for clarification, and gain insight from your classmates’ responses and instructor’s guidance.
Requirements for Discussion Board Assignments
Students are required to post one initial post and to follow up with at least two response posts for each discussion board assignment.
For your initial post (1), you must do the following:
 Compose a post of one to two paragraphs.
 In Module One, complete the initial post by Thursday at 11:59 p.m.
Eastern Time.
 In Modules Two through Ten, complete the initial post by Thursday at
11:59 p.m. of your local time zone.
 Take into consideration material such as course content and other
discussion boards from the current module and previous modules, when
appropriate.
 Reference scholarly or peer-reviewed sources to support your discussion
points, as appropriate (using proper citation methods for your discipline).
Critical Elements
Comprehension
Exemplary
Develops an initial post with an
organized, clear point of view or
idea using rich and significant
detail (100%)
Timeliness
Engagement
Critical Thinking
Provides relevant and
meaningful response posts with
clarifying explanation and detail
(100%)
Draws insightful conclusions that
are thoroughly defended with
evidence and examples (100%)
Proficient
Develops an initial post with a
point of view or idea using
appropriate detail (90%)
Submits initial post on time
(100%)
Provides relevant response posts
with some explanation and
detail (90%)
Draws informed conclusions that
are justified with evidence (90%)
For your response posts (2), you must do the following:
 Reply to at least two different classmates outside of your own initial post
thread.
 In Module One, complete the two response posts by Sunday at 11:59
p.m. Eastern Time.
 In Modules Two through Ten, complete the response posts by Sunday at
11:59 p.m. of your local time zone.
 Demonstrate more depth and thought than simply stating “I agree” or
“You are wrong.” Guidance is provided for you in each discussion prompt.
Needs Improvement
Develops an initial post with a
point of view or idea but with
some gaps in organization and
detail (70%)
Submits initial post one day late
(70%)
Provides somewhat relevant
response posts with some
explanation and detail (70%)
Not Evident
Does not develop an initial post
with an organized point of view
or idea (0%)
Value
20
Submits initial post two or more
days late (0%)
Provides response posts that are
generic with little explanation or
detail (0%)
10
Draws logical conclusions (70%)
Does not draw logical
conclusions (0%)
30
20
Writing
(Mechanics)
Initial post and responses are
easily understood, clear, and
concise using proper citation
methods where applicable with
no errors in citations (100%)
Initial post and responses are
easily understood using proper
citation methods where
applicable with few errors in
citations (90%)
Initial post and responses are
understandable using proper
citation methods where
applicable with a number of
errors in citations (70%)
Initial post and responses are not
understandable and do not use
proper citation methods where
applicable (0%)
Total
20
100%

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