Question: 1. What is the difference between major and minor risks? How are risks quantified? 2. List and describe at least three common quantitative risk analysis

1. What is the difference between major and minor risks? How are risks quantified?

2. List and describe at least three common quantitative risk analysis techniques. What are notable benefits of using a quantitative approach to risk management?

3. List and briefly explain the four common strategies for negative risks (i.e., avoid, transfer, mitigate, accept,) that are used. Describe how you might use two of them together on a project.

4. Discuss the components of a change control process and how they are used to control scope.

5. Explain the benefits of controlling risks

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