128 ◾ Project Management Maturity Model
Quantitative Risk Analysis
The documented process includes a standard method to
ensure consistent assessment of risk items. The methodology
may include assigning numeric ratings to low, medium, and
high risks and determining the expected nancial impacts of
risks using simple probability and value calculations. Project
teams attempt to employ more objective approaches to quan-
tify the potential impacts of risks. Risks continue to be evalu-
ated on a project-by-project basis.
Risk Response Planning
Project teams develop risk management plans that document
procedures intended to manage risks. The plans provide
for integration into overall project management plans. The
teams may informally consider strategi ...