What is the purpose of qualitative and quantitative risk analysis?

An industrial project had a lower priority in the organization than other ongoing projects. During risk identification sessions, the team identified over 180 risks for this project. The risk manager is afraid that evaluating each of these risks quantitatively takes an enormous amount of time and money, while most of them are not important enough. What should the risk manager do next?

A project will be carried out in three countries and involves a high level of uncertainty. The project team calculated the critical path duration and found it to be 322 days. They performed a Monte Carlo analysis as part of the quantitative risk analysis which resulted in the diagram below. The customer requested that the confidence level be 80%. What is the amount of the contingency reserve that needs to be included in the project to reach an 80% confidence level?

A project manager needs to model project risks by running simulations that calculate random outcomes and probabilities. Which risk analysis tool should the project manager use?

A newly released technology can speed up development tasks on an ongoing project by 30 percent. The team is looking forward to using this new technology but sees the risk that issues could arise due to lack of knowledge and support. How can the project manager and team decide if the project benefits from using this technology?

To determine how accurate and well understood the project risk information is, it must be analyzed. And you also need to determine whether more research is needed before a qualitative assessment can be made. It is most important to complete which of the following?

A tornado diagram like the one above is a typical representation of which quantitative risk analysis tool?

A project manager has already identified a number of risks for his project and has performed a quantitative analysis of them. The sponsor requests that he submit the calculations regarding exposure to aggregated risks, which were made in the quantitative analysis. How should the project manager calculate the overall project risk exposure?

During project risk planning, the project manager of a large software development project and his team are trying to decide whether to invest $800,000 to develop new software or invest $400,000 to upgrade existing software. The team is not sure how strong the demand for its product will be and therefore must factor this uncertainty into its analysis. What would be the best technique for the project manager to use in this case?

What is the main benefit of using decision tree analysis in project risk management?