During a risk review session, the project team identified the percentage probability that a particular risk will occur.
This is known as:
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A. B. C. D.D.
The correct answer is D. risk quantification.
Risk quantification is the process of assigning numerical values to risks based on the likelihood and impact of their occurrence. During a risk review session, the project team might identify the percentage probability that a particular risk will occur. This is an example of risk quantification, which involves using quantitative methods to evaluate and prioritize risks.
Risk identification is the process of identifying potential risks that could impact the project. This involves gathering information about the project and its environment, and then identifying potential sources of risk.
Risk prioritization is the process of ranking risks based on their likelihood and potential impact. This helps the project team to focus their efforts on managing the most critical risks.
Risk qualification is the process of determining whether a risk is significant enough to warrant further analysis and management. This involves evaluating the potential impact of the risk on the project, as well as the likelihood of it occurring.
In summary, risk quantification involves assigning numerical values to risks based on their likelihood and impact, which helps the project team to prioritize their efforts and resources towards managing the most critical risks.