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Quantitative Risk Analysis with Microsoft Project
Quantitative Risk Analysis has become an important component of project management. According to Guide to the Project Management Body of Knowledge (PMBOK ® Guide, Third edition 2004, Project Management Institute) “Quantitative Risk Analysis is performed on risks that have been prioritized by the Qualitative Risk Analysis process as potentially and substantially impacting project ‘s completing demands. The Quantitative Risk Analysis process analyzes the effect of those risk events and assigns a numerical rating to those risks.”
Microsoft Project implements Qualitative Risk Analysis methodology. But what about quantitative analysis? Quantitative Risk Analysis gives the project manager ability to see how project schedule will be affected if certain risks are occur. As a result, project managers are able to mitigate risk factors and manage their projects better.
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