Don is the project manager of the PFO project for his organization. Don is working with the project team members and two subject matter experts to assess the identified risk events in the project. Which of the following approaches is the best to assess the risk events in the project?

A.
Interviews or meetings

B.
Determination of the true cost of the risk event

C.
Probability and Impact Matrix

D.
Root cause analysis

Explanation:

Risk probability and assessment is completed through interviews and meetings with the participants that are most familiar with the risk events, the project work, or have other information that can help determine the affect of the risk.

Answer option C is incorrect. The probability and impact matrix is a tool and technique to prioritize the risk events, but it’s not the best answer for assessing risk events within the project.

Answer option B is incorrect. The true cost of the risk event is not a qualitative risk assessment approach. It is often done during the quantitative risk analysis process.

Answer option D is incorrect. Root cause analysis is a risk identification technique, not a qualitative assessment tool.

Reference: "Project Management Body of Knowledge (PMBOK Guide), Fourth Edition"