A quantitative analysis often involves more sophisticated techniques, usually requiring computer software.
To some people this is the most formal aspect of the whole process requiring.
• Measurement of uncertainty in cost and time estimates.
• Probabilistic combination of individual uncertainties.
An initial qualitative analysis is essential.
Basically quantitative approach uses the technique such as Expected value, decision tree analysis, pay of matrices, and modelling and simulation.
Quantitative Risk Analysis Output Are:
• Prioritized risk lists:- we get a list in which all identified risks are prioritized.
• Probabilistic cost and schedule estimate:- we get probabilistic cost and schedule estimate which helps the project manager allocate reserve accordingly.
• Performance parameter and validating Technical performance: Probabilistic estimates of meeting desire technical performance, parameter and validating Technical performance of key components.