Process Definition

Quantitative risk analysis assesses the risk to project objectives, based on numerical information rather than probability.  More defined than its counterpart, qualitative analysis, quantitative analysis produces numerical information that can be used to support the project decision-making process. 

Figure 24. Perform Quantitative Risk Analysis: Inputs, Tools and Techniques, and Outputs. Reprinted from "A Guide to the Project Management Body of Knowledge (PMBOK Guide), 5th Edition" by Project Management Institute, 2013, p. 334. Copyright 2013 by Project Management Institute, Inc. Reprinted without permission.

Process Assessment 

While this process provides more accurate, decision making, the information it often requires information that is unavailable at the time of analysis.  However, as the project life cycle unfolds and information becomes available, the quantitative analysis does make it possible to make a more informed decision based on numerical data rather than prior probability.

ARTIFACTS

1. PMGT 613 QRA Part A: This PMGT 613 team 2 assignment looks at a projects critical path and seeks to quantify the process as a tool & technique for the Quantitative Risk Analysis Process.
2. PMGT 613 QRA Part B: This PMGT 613 team 2 assignment looks at a projects timeline, and then seeks to quantify crashing the project schedule from 26 weeks to 14 as a tool & technique for the Quantitative Risk Analysis Process.
3. PMGT 613 WBS 5.4 PM Crosstalk:  This assignment engaged each student in discussing other methods of gathering and collecting data as a tool & technique for the Quantitative Risk Analysis Process.