Quantitative Risk Analysis Process for Matrix Projects

of the organization.

Answer: D is incorrect.

The human resources management plan does define how risks will be analyzed.

Answer: B is incorrect.

The staffing.

The risk management plan defines how risks will be identified, analyzed, responded to, and then monitored and controlled regardless of the structure.

The correct answer is C. Risk Management Plan.

Explanation:

In a matrix environment, a project manager has to coordinate with various stakeholders, such as functional managers, team members, and sponsors. To manage risks effectively, a project management plan is required that outlines the process for identifying, assessing, and responding to risks. This plan is called the Risk Management Plan.

The Risk Management Plan is a component of the overall project management plan that provides guidance on how to conduct risk management activities for a project. It identifies the risk management methodology, roles and responsibilities of the project team, risk assessment criteria, risk response strategies, and monitoring and control methods.

Quantitative risk analysis is a process of assessing the likelihood and impact of identified risks using numerical analysis techniques, such as Monte Carlo simulation, decision tree analysis, or sensitivity analysis. This process requires a systematic approach to collect data, analyze it, and communicate the results to stakeholders.

The Risk Management Plan provides the framework for conducting a quantitative risk analysis in a matrix environment. It defines the roles and responsibilities of the project team members, identifies the data sources and tools to be used, and sets the criteria for prioritizing risks based on their impact on project objectives.

Therefore, option C, Risk Management Plan, is the most appropriate project management plan to direct the quantitative risk analysis process for a project in a matrix environment.