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A risk manager has completed a risk identification workshop tor a construction project. One of the project risks is the delay in the shipment of some materials from another country. The risk manager and their team have determined this risk's low probability and high impact score.
What kind of analysis was done to determine this?
Suggested Answer: B
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38 comments · newest first
AD
Adria
11 months ago
Definitely qualitative, that's the standard approach for risk workshops.
RI
Rikki
11 months ago
Wait, how can they be sure it's low probability? Seems risky to assume!
MA
Madonna
12 months ago
I thought it might be quantitative since they have a high impact score.
GL
Gladys
12 months ago
Totally agree, low probability but high impact makes sense.
BR
Britt
1 year ago
Sounds like they did a qualitative analysis!
JU
Jutta
1 year ago
I could be wrong, but I feel like quantitative analysis would involve more calculations, so it might not fit this scenario.
EL
Elli
1 year ago
This sounds like a similar question we practiced, and I believe the answer is qualitative analysis because it deals with subjective assessments.
WI
Wilson
1 year ago
I'm not entirely sure, but I remember something about root cause analysis being more focused on identifying the source of risks rather than scoring them.
MO
Mollie
1 year ago
I think they used qualitative analysis since they assessed the probability and impact without numerical data.
LA
Lazaro
1 year ago
I think this is a pretty straightforward qualitative analysis question. The risk manager and their team have assessed the risk's probability and impact, which is typically done through a qualitative approach. I'm confident option A is the correct answer.
CA
Carman
1 year ago
Okay, let's see. The key information here is that the risk manager and their team have determined the risk's probability and impact. That points to a qualitative analysis, so I'm going to go with option A.
KA
Karan
1 year ago
Hmm, I'm not entirely sure about this one. The question mentions the risk's low probability and high impact, which could suggest a quantitative analysis was done. I'll have to think this through carefully.
MA
Marguerita
1 year ago
This seems like a straightforward qualitative analysis question. The risk manager and their team have determined the risk's probability and impact, which is typically done through a qualitative assessment.
BE
Ben
1 year ago
I'm a bit confused on this one. The question doesn't provide a lot of details about the specific analysis method used. I'll have to weigh the options carefully and try to eliminate the ones that don't seem to fit the scenario.
PA
Pamella
1 year ago
Hmm, I'm a bit unsure about the difference between CREATE and REPLACE. I'll need to think that through carefully.
JE
Jesus
1 year ago
I remember discussing related party transactions in class, and I think those do have materiality limits, so they might not be the right answer here.
LU
Luz
1 year ago
Okay, let's think this through. I'll start by calculating the spread for Bond X using the given information, then do the same for Bond Y. Shouldn't be too tricky if I take it step-by-step.
PA
Paulina
1 year ago
I wonder if the risk manager used a crystal ball to determine the probability and impact. That would be a unique approach!
HA
Hayley
1 year ago
Failure mode analysis? That's a bit too specific for this scenario. Qualitative analysis seems like the right call here.
TU
Tuyet
1 year ago
Root cause analysis? Nah, that's more for investigating the underlying causes of an issue, not determining the risk's characteristics.
AB
Abraham
1 year ago
I agree, it's crucial to address high impact risks even if they have a low probability of occurring.
LA
Lashaun
1 year ago
Exactly, it helps us prioritize which risks to focus on and develop mitigation strategies for.
KA
Karan
1 year ago
Exactly, it helps us prioritize our response and mitigation efforts.
MI
Mila
1 year ago
That makes sense, it's important to assess both the likelihood and potential consequences of the risk.
LE
Leontine
1 year ago
We conducted a probability and impact analysis to determine the characteristics of the risk.
DO
Dominque
1 year ago
That makes sense, it's important to assess both the likelihood and potential consequences of a risk.
SH
Shawana
1 year ago
We conducted a probability and impact analysis to determine the risk's characteristics.
LI
Lino
2 years ago
Hmm, I'm not sure if this is a quantitative analysis. Probability and impact scoring are usually part of a qualitative risk assessment.
BR
Brett
1 year ago
C) Quantitative analysis
VI
Vince
1 year ago
B) Root cause analysis (RCA)
SO
Solange
1 year ago
A) Qualitative analysis
BR
Britt
2 years ago
Looks like they did a qualitative analysis here. Identifying the risk's probability and impact score is a classic qualitative approach.
TI
Timothy
1 year ago
Qualitative analysis is a good starting point for understanding the potential impact of risks.
DO
Dorian
1 year ago
That makes sense, it's a common method for assessing risks in projects.
JA
Jaclyn
1 year ago
Yes, they used qualitative analysis to determine the probability and impact score.
LU
Luis
2 years ago
I believe quantitative analysis could also have been used to determine the risk's probability and impact score.
NI
Nida
2 years ago
I agree with Joseph, because they probably assessed the probability and impact subjectively.
JO
Joseph
2 years ago
I think the analysis done was qualitative analysis.