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Guide on Sensitivity Analysis

Sensitivity Analysis is a significant approach used in Project Risk Analysis as outlined in the PMBOK Guide Seventh Edition.

Why Sensitivity Analysis is Important?
It is mainly used to predict the outcome of a decision if a situation turns out to be different compared to the key predictions or assumptions. It also helps in identifying risks and mitigating them proactively.

What is Sensitivity Analysis?
Sensitivity Analysis is a technique used to understand how various sources of uncertainty in a mathematical model contribute to the model's overall uncertainty. It helps to determine which variable, if changed, can have the most significant impact on the project outcome.

How Sensitivity Analysis Works?
It works by adjusting the variables one by one and observing the change in the output. The variable that causes the most significant change in the output is considered the most sensitive.

How to Answer Questions on Sensitivity Analysis in an Exam?
1. Understand the basic concept and procedure of Sensitivity Analysis.
2. Know how it contributes to Risk Management by identifying the most sensitive variables.
3. Understand its application in real-world project scenarios.

Exam Tips: Answering Questions on Sensitivity Analysis
For successful answers in exams, remember that Sensitivity Analysis is about identifying 'which variable will have the most potential impact on the project'. Link it with risk potentials and uncertainty. Practice identifying the most sensitive variables in different scenarios.

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Sensitivity Analysis practice test

Sensitivity Analysis is a technique used to evaluate the impact of changes in individual risk factors on the overall project. This approach identifies which risk factors have the greatest effect on project outcomes, allowing focus to be placed on those with the highest potential impact. This is done by varying individual risk factors while keeping others constant to observe their impact on overall project performance. Sensitivity analysis is particularly useful when there is uncertainty in input data or when the project manager is trying to understand the importance of different risk factors.

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Project Management Professional Preparation Package (2024)

  • Earn 35 PDUs needed for your PMP certification
  • 12955 Superior-grade Project Management Professional practice questions.
  • Accelerated Mastery: Deep dive into critical topics to fast-track your mastery.
  • Unlock Effortless PMP preparation: 5 full exams.
  • 100% Satisfaction Guaranteed: Full refund with no questions if unsatisfied.
  • Bonus: If you upgrade now you get upgraded access to all courses
  • Risk-Free Decision: Start with a 7-day free trial - get premium features at no cost!