In a complex project, individual risks have been identified with the stakeholders. The project sponsor asks the risk manager about the likelihood of…

To assess the likelihood of project success, the risk manager should use both probabilistic and

quantitative risk analyses. Probabilistic analysis helps in understanding the range of possible

outcomes and their probabilities, while quantitative risk analysis provides a numerical estimate of

the overall risk impact on project objectives. Combining these methods gives a more comprehensive

understanding of the project’s risk profile and allows the risk manager to provide an informed

response regarding the likelihood of project success. PMI’s risk management standards support the

use of these tools for a thorough and accurate risk assessment  .