Describe the difference between quantitative and qualitative risk

Describe the difference between quantitative and qualitative risk
Describe what could go wrong, how you could get behind schedule, and how you could go over budget if you didn’t plan for risks in advance
Don’t forget to cite each of your sources using APA.

Lecture Notes

Risks are those things that may or may not go wrong in a project. The simple fact is you don’t know if the risk will occur. The only thing you can do is try to identify what could go wrong, and then create a plan for dealing with the risk if it does occur.

On the other side of risk is opportunities. Opportunities are those things that could go right, and they may or may not occur.

Not mentioned in the PMBOK, but researched in scientific journals elsewhere are obstacles (Buehler, Griffin, & Peetz, 2010). Obstacles are those things that will occur and elements that must be overcome in order to accomplish a task. To reduce optimism in project planning you should always ask what obstacles are associated with an activity before you ask for estimates of time or resources. Though we do not get into the details of planning realistically and the science behind it, it is important for you to know that asking about obstacles before you ask for estimates of time or resources is key, because of the Anchoring Effect (if you would like to read more on the anchoring effect, click here: https://www.behavioraleconomics.com/resources/mini-encyclopedia-of-be/anchoring-heuristic/). (Links to an external site.)

References

Buehler, R., Griffin, D., & Peetz, J. (2010). The planning fallacy: Cognitive, motivational, and social origins. In Advances in experimental social psychology (Vol. 43, pp. 1-62). Academic Press.