ABSTRACT
Quantitative risk analysis seeks to quantify the risk exposure for a single risk or for an entire project. The quantitative risk analysis process requires various inputs, such as risk management plan, list of prioritized risks, and expert judgment. These inputs are transformed through various techniques, such as sensitivity analysis and decision tree analysis. Generally, risk management consists of risk assessment and risk control. The subprocesses of risk assessment include risk acknowledgement, risk identification, risk analysis, and risk prioritization. Tools that may be employed in the risk identification process include documentation reviews, brainstorming, Delphi technique, interviewing, assumption analysis, and system-level diagrams. The primary output of the risk identification process is a listing of possible project risks. For ease of risk planning and control, identified risks should be sorted into risk categories. Another output of the risk identification process is a set of risk triggers. The subprocesses of risk control include risk management planning, risk resolution, and risk monitoring.
