To evaluate potential risks, a project manager asks the team to brainstorm various 'what-if' situations that could affect the project outcome. Which risk analysis technique is the team using?
Scenario analysis involves exploring and assessing various hypothetical situations ('what-if' scenarios) to identify potential risks and their impacts on a project. This technique helps in understanding how different events could affect project objectives. Interconnectivity analysis examines how different risks are connected, probability-impact analysis assesses risks based on their likelihood and impact but does not specifically involve brainstorming scenarios, and simulation modeling uses mathematical models to predict outcomes under uncertainty.
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What are some examples of 'what-if' scenarios in project management?
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How does scenario analysis differ from other risk analysis techniques?
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Why is it important to identify potential risks early in a project?