Details: What are the differences between qualitative and quantitative risk analysis? When is each type of analysis appropriate? What will you use for the Customer Service system project?
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//Before discussing about project Qualitative and Quantitative Risk Analysis, we will discuss about the introducssion of the project. In this part, we will discuss that there are three steps in the project. Regarding this, we will talk about Qualitative and Quantitative Risk Analysis, separately. After giving a brief introduction about these topics, we will analyze how both these evaluations affect the project. //
Project is an organized program of different activities carried out to reach a defined goal, often of a non-recurring nature, with a specified terminal point. It is the process of single shot set of activities having a definite beginning and ending points. There are mainly three steps involved in any project, such as planning, execution and closure. This paper describes about the qualitative and quantitative risk analysis. There is also a description of the conditions in which the qualitative and quantitative risk analysis is appropriate.
Qualitative risk analysis: It is the process in which risk is analyzed in terms of quality. It measures the probability and affect of identified risk in a cost effective way. It offers a basis for the quantitative risk analysis by assessing the cost of project and objective of the project. It needs unbiased and precise information for the purpose of attaining credibility in its analysis (Qualitative Risk Analysis, 2007).
Quantitative risk analysis: It is the process in which risk is analyzed in terms of quantity. It provides numerical estimates, which assist the marketer to analyze the risk in an effective manner. It is conducted to evaluate the impact of risk on the objectives of project and also to evaluate the possibility of attaining specific goals of the project (Quantitative Risk Analysis, 2008).
//As per directions, after giving a brief introduction about the project, now we will discuss what is the difference between Qualitative and Quantitative Risk Analysis. To further the discussion, we will explain about the aspects, which differentiate both of these analysis.//
Difference between qualitative and quantitative risk analysis
There are various aspects which forms the basis of the difference between the qualitative and quantitative risk analysis. These are as follows:
Ø Objective: The objective of qualitative risk analysis is to evaluate risk of any project in terms of quality. On the other ...
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