Quantitative Risk Analysis
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10).” As we can figure out that EMV analysis can translate risks into measureable versions- values. It gives the PM a directly explanation of potential opportunities and disadvantages at the same time. As Pritchard (2015) suggested in his book, the first step for applying EMV method is to identify the alternations which the decision maker can take into consideration, both in the predictable and unpredictable ways (pp. 207-208).
I would prefer to use this type of quantitative risk analysis method, because it provides measurable and interchangeable description of the potential risks; also, it provides alternative options for stakeholders to compare. If my project team have to deal with a project which puts the cost at the top priority of the triple constrains, I would definitely use the EMV analysis to give my sponsors and other stakeholders a clear and valid risk analysis report.
Finally, the third type of quantitative analysis and modeling techniques is the modeling and simulation, which means that one can translate the specified detailed uncertainties into future impact on project object (PMI, p.