Assignment 5-Discuss about Quantitative Risk Management

Assignment 5Submit the completed document in the Assignments section of the course. Pleasebe sure to include your own name in the filename (last name, then first initial—forexample: doej_assignX.doc) and in the text of the document, so yourinstructor/facilitator always knows whose submission he/she is reading.Part IDiscuss about Quantitative Risk Management vs. Qualitative Risk Management – this should be in one page (200 to 300 words) with citation, references:Part 2Qualitative Risk AnalysisCreate a Qualitative Risk Assessment Matrix with the information that you managedto gather from previous projects in the biotech start-up company:1) The probability that the lead scientist leaves her job is 15% with a businessimpact of 20%.2) The possibility that experiments don’t work as planed is 25% with a businessimpact of 20%3) The probability that the complexity of the project is underestimated is 50%with a business impact of 75%Quantitative Risk AnalysisConduct an expected monetary value analysis to calculate contingency costs, usingthe following data obtained from previous experience:1) There is a 25% probability of delay on material arrival with a cost of $5,0002) There is a 5% chance that the experiments require more reagents thanplanned with an extra cost of $4,0003) There is a 10% probability that the technical support does the work moreefficiently than predicted saving $3,000Create an EMV and calculate the contingency reserve cost. Present the data in atable and discuss your results.