Frank is the project manager of the NHQ project for his company. Frank is working with the project team, key stakeholders, and several subject matter experts on risks dealing with the new materials in the project. Frank wants to utilize a risk analysis method that will help the team to make decisions in the presence of the current uncertainty surrounding the new materials. Which risk analysis approach can Frank use to create an approach to make decisions in the presence of uncertainty?

A.
Monte Carlo Technique

B.
Delphi Technique

C.
Quantitative risk analysis process

D.
Qualitative risk analysis process

Explanation:

The quantitative risk analysis process presents a quantitative approach to make decisions in the presence of uncertainty.

Answer option B is incorrect. The Delphi Technique uses rounds of anonymous surveys to build consensus.

Answer option A is incorrect. The Monte Carlo Technique uses combination of hypothetical and actual events to determine a mean or most likely outcome of a scenario.

Answer option D is incorrect. Qualitative analysis is a risk analysis process to determine the probability and impact of risk events to determine which events need further analysis.

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