Final answer:
Quantitative risk analysis involves what-if analysis, allowing project managers to assess the potential impacts of changing variables within project models. It helps in making cost estimates and comparisons, and aligns with cost/benefit decision-making strategies.
Step-by-step explanation:
What can involve a modeling process called what-if analysis, which allows a project manager to vary one or more elements in a model to measure the effect on other elements? The correct option is Quantitative risk analysis. This type of analysis enables project managers to create mathematical models to estimate various scenarios in the project planning process. By employing what-if analysis, managers can adjust variables within their model to see the potential impacts on the overall project, which is vital for making informed decisions.
The what-if analysis is especially useful in understanding the relationship between project costs and other factors such as materials, operation, and maintenance. It helps to normalize costs for comparison and facilitates a value-based approach to decision making that isn't otherwise easily quantifiable. Moreover, it aligns with the cost/benefit analysis wherein costs (money, effort, sacrifices) and benefits (gains in money, time, experience) are weighed against each other to guide decision-making.