Quantitative methods
Quantitative methods need a lot of work for the analysis to be performed. The effort should be weighed against the benefits and outcomes from the chosen method, for example smaller projects may sometimes require only identification and taking action on the identified risks, while larger projects require more in depth analysis. The quantitative methods estimate the impact of a risk in a project (PMI, 2009). They are more suitable for medium and large projects due to the number of required resources such as complex software and skilled personnel (Heldman, 2005).