This is the process of numerically analyzing the effect of identified risk on overall project objectives. The techniques for this analysis include expected monetary value, sensitivity analysis and Monte Carlo modeling.
Quantitative Risk Analysis is quite a new concept for me. It is definitely more in depth and meticulous, however the degree of accuracy that can be attained can very beneficial for project teams. It seems to be more time consuming and you need to have personnel on staff that have some knowledge and experience.
Perform Quantitative Risk Analysis: Inputs, Tools and Techniques, and Outputs. Reprinted from "A Guide to the Project Management Body of Knowledge (PMBOK Guide) 5th ed" by Project Management Institute, 2013, p.334. Copyright 2013 by PMI.Inc. Reprinted without permission.
1. Risk Register (Input): this input for the Perform Quantitative Risk Analysis was taken from PMGT 613, the group project.
2. Expert Judgement (Tools and Technique's): This was homework from PMGT 613 comparing different analytical techniques.
3. Quantitative Risk Analysis and Modeling Technique (Tools): This artifact was taken from a homework assignment from PMGT 613; the Advance Energy case study. The problems addressed used the PERT method, a tool and technique of the quantitative risk analysis process.