The Perform Quantitative Risk Analysis is a project management process that numerically analyzes the effects of identified risks on the entire project objectives. The benefit of this process is that it creates information of the quantitative risks to support the decision-making of project managers to minimize the uncertainty of the projects.
To do this particular process, inputs are necessary. The inputs include the risk management plan, risk register, enterprise environmental factors, cost management plan, and organizational assets are used to produce the project document updates.
This particular project management process is used on the risks that have been identified and prioritized by the Perform Qualitative Risk Analysis process that can substantially impact the competing demands of the project. Thus, this particular process is used to analyze the effect of the risk on the project objectives. It is used in evaluating the aggregate effects of the risks that affect the project. It is important to take note that the process is used to provide numerical priority rating to the individual risks. However, this process might not be executed due to the lack of insufficient data.
This term is defined in the 5th edition of the PMBOK.