Frank is the project manager of the NHQ project for his company. Frank is working with the project team, key stakeholders, and several subject matter experts on risks dealing with the new materials in the project. Frank wants to utilize a risk analysis method that will help the team to make decisions in the presence of the current uncertainty surrounding the new materials. Which risk analysis approach can Frank use to create an approach to make decisions in the presence of uncertainty?
A. Monte Carlo Technique
B. Qualitative risk analysis process
C. Quantitative risk analysis process
D. Delphi Technique
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How does this question make any sense? In risk analysis, uncertainty is ALWAYS present.
Uncertainty is always a feature of ‘Risk’
Risk Analysis does not eliminate Risk. Risk Analysis is done to make sense of the uncertainty based on subjective analysis (qualitative) or objective analysis (quantitative) to arrive at a decision.