Which of the following processes includes prioritizing risks for subsequent further analysis or action by assessing and combining their probability of occurrence and impact?

A.
Qualitative risk analysis

B.
Quantitative risk analysis

C.
Risk management planning

D.
Risk response planning

Explanation:
Qualitative Risk Analysis
A qualitative risk analysis prioritizes the identified project risks using a pre-defined rating scale. Risks will be scored based on their probability or likelihood of occurring and the impact on project objectives should they occur.
Probability/likelihood is commonly ranked on a zero to one scale (for example, .3 equating to a 30% probability of the risk event occurring).
The impact scale is organizationally defined (for example, a one to five scale, with five being the highest impact on project objectives – such as budget, schedule, or quality).
A qualitative risk analysis will also include the appropriate categorization of the risks, either source-based or effect-based.

Quantitative Risk Analysis
A quantitative risk analysis is a further analysis of the highest priority risks during a which a numerical or quantitative rating is assigned in order to develop a probabilistic analysis of the project.
A quantitative analysis:
– quantifies the possible outcomes for the project and assesses the probability of achieving specific project objectives
– provides a quantitative approach to making decisions when there is uncertainty
– creates realistic and achievable cost, schedule or scope targets
In order to conduct a quantitative risk analysis, you will need high-quality data, a well-developed project model, and a prioritized lists of project risks (usually from performing a qualitative risk analysis)