Project Management Professional (PMP) Practice Exam

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During risk identification sessions, you and your team identified more than 150 risks for your project. You are afraid that evaluating each of these risks quantitatively will cost you an enormous amount of time, while not all of them are really relevant and important enough to justify such a measure. What should you do next?

  1. Identify risk triggers where possible. Analyze only those risks quantitatively for which no trigger could be found.

  2. Use qualitative risk analysis in order to prioritize risks for further action, such as quantitative risk analysis.

  3. Assess the probability of each risk qualitatively and further analyze only those risks with high probability.

  4. Assess the potential impact of each risk qualitatively and further analyze only those risks with high impact.

The correct answer is: Use qualitative risk analysis in order to prioritize risks for further action, such as quantitative risk analysis.

Qualitative risk analysis involves categorizing and prioritizing risks based on their impact and probability, instead of assigning specific numerical values. This method is useful when there are a large number of risks and time is limited, as it allows you to quickly identify the most critical risks for further action. Option A, identifying risk triggers, may not be feasible or applicable for all risks and may not accurately capture their potential impact. Options C and D involve assessing risks only based on one factor (probability or impact), which may not provide a comprehensive understanding of the risks. Additionally, only analyzing risks with high probability or impact may lead to overlooking important risks with lower scores. Thus, option B is the most efficient and effective approach in this situation.

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