Certified Governance Risk and Compliance (CGRC) Practice Exam 2025 - Free CGRC Practice Questions and Study Guide

Qualitative Risk Analysis is the most suitable process for establishing planning priorities rapidly and cost-effectively because it allows project managers to assess risks based on their probability of occurrence and the potential impact on project objectives. This approach relies on subjective judgments and expert opinions, making it quicker to implement than quantitative methods which require detailed data and statistical analysis.

In qualitative risk analysis, risks are typically prioritized using simple categorizations such as high, medium, or low. This prioritization helps project managers focus their attention on the most significant risks that could affect project success, enabling them to allocate resources and manage their time effectively.

The other options, while useful in different contexts, either take more time and resources or are not primarily focused on prioritization. Quantitative analysis, for instance, requires extensive data collection and analysis, which can be costly and time-consuming. Historical information is beneficial for understanding trends and past project challenges but doesn’t directly aid in quickly establishing current project priorities. Rolling wave planning is a project planning method that involves progressive elaboration, useful in dynamic environments but less focused specifically on risk prioritization.