Risk Management Plan: Quantitative Risk Analysis Assignment

Instructions

Create a document for this week’s assignment to include the following sections.

• Cover Page: Include your name, the project or company name, and the course name and number.

• Quantitative Risk Analysis: Measure the risk impact using specified project management techniques that align quantitative risk factors to the qualitative risk analysis. You can add monetary or time elements to the risks from the qualitative risk analysis.

• References: Add any resources you used, such as company websites or the textbooks. Use APA formatting.

4 pages

Struggling with where to start this assignment? Follow this guide to tackle your assignment easily!

Step 1: Prepare Your Cover Page

• Title your assignment: Risk Management Plan: Quantitative Risk Analysis.

• Add:

  • Your full name

  • The project/company name (e.g., “XYZ Construction Project” or any project you’ve been assigned)

  • The course name and number (e.g., Project Management PM-XXX)

  • Date of submission

👉 Use APA formatting for the cover page (centered, double-spaced).

Step 2: Write the Introduction (½ page)

• Explain briefly what risk management is and why quantitative analysis is important.

• State the purpose of this assignment: to measure and analyze project risks using quantitative risk analysis techniques.

• Mention that you will connect this analysis to qualitative risk findings.

Step 3: Develop the Quantitative Risk Analysis Section (3 pages)

1. Explain the Process (½ page)

   • Define quantitative risk analysis: assigning numerical values to potential risks.

   • Explain how this complements qualitative risk analysis (e.g., qualitative identifies risk probability and impact, quantitative assigns actual numbers).

2. List Risks from Qualitative Analysis (½ page)

   • Provide at least 3–5 risks previously identified in the qualitative phase (e.g., supplier delay, equipment failure, cost overrun).

   • Briefly note their probability and severity from qualitative assessment.

3. Apply Quantitative Techniques (1–1.5 pages)

   • Use methods like:

     • Expected Monetary Value (EMV): multiply probability × impact in $$.

     • Decision Tree Analysis: outline potential decisions and outcomes.

     • Monte Carlo Simulation (if covered in your course): explain variability of outcomes.

   • Show sample calculations for at least 2 risks.
     Example: Risk: Supplier Delay → Probability 30% × Cost Impact $100,000 = EMV $30,000.

   • Summarize results in a table showing: risk, probability, cost/time impact, EMV.

4. Interpret Results (½ page)

   • Highlight which risks pose the biggest threat to project success.

   • Suggest mitigation strategies (e.g., diversifying suppliers, adding contingency funds).

Step 4: Write the Conclusion (½ page)

• Summarize key findings from your quantitative analysis.

• Emphasize how the numbers make risks easier to prioritize.

• Reiterate the importance of combining qualitative and quantitative methods.

Step 5: Add the References Page

• List all resources used in APA 7th edition format. Examples:

  • Project Management Institute. (2017). A guide to the project management body of knowledge (PMBOK® Guide) (6th ed.). Project Management Institute.

  • Kerzner, H. (2017). Project management: A systems approach to planning, scheduling, and controlling (12th ed.). Wiley.

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