Qualitative Risk Analysis

Correct Answer: Risk probability and impact assessment

The most appropriate tool for analyzing the risk in this case would be 'Risk probability and impact assessment'. It helps to evaluate the probability of a risk event taking place along with the impact it might have on the project, which includes potential cost overrun. This tool helps in understanding the level of project exposure to the risk and in developing appropriate risk response strategies. 'Sensitivity Analysis', 'Expected Monetary Value Analysis' and 'Modeling and simulation' are also risk analysis techniques, but they do not prioritize risk based on their probability and impact, which is crucial in this context.

Correct Answer: Risk Categorization

In dealing with a risk, Qualitative Risk Analysis techniques are used to prioritize the identified risks based on their probability of occurrence and the potential impact on the project. Out of the given options, Risk Categorization is the most suitable technique. It allows us to group similar risks together, helping to plan the risk management strategies effectively. On the other hand - Risk Reassessment, although also a risk analysis method, is generally employed after initial risk responses have been implemented to see if the risk level has been reduced to the desired level. It might not be the starting point. Technical Performance Measurement is more related to tracking the project performance and it is not exclusively a risk analysis approach. Cost Risk Analysis, includes quantitative methods that are primarily focused on financial impact of risks, and not specifically on audience engagement.

Correct Answer: Risk urgency assessment

The best qualitative risk analysis technique to prioritize the risk of data theft during system updates in a software integration project is Risk Urgency Assessment. This technique focuses on the urgency of the risk based on the symptoms or risk factors associated with it. Given the criticality of data security, a risk of data theft is generally treated with high urgency. The other options are not as suitable: Root Cause Analysis is a method of problem solving that is used to identify the underlying cause of a problem, not prioritizing a risk. Decision Tree Analysis is another technique for making decisions in the face of uncertainty, which is often used quantitatively rather than qualitatively. Monte Carlo Simulation is a quantitative risk analysis tool used to model the probability of different outcomes in a process that cannot easily be predicted due to the intervention of random variables.