Question: Compare and contrast qualitative and quantitative risk analysis with the help of practical examples.
Qualitative and quantitative risk analysis are two different types of risk analysis in the projected risk management area. Qualitative risk analysis is usually conducted for all the risks whereas quantitative risk analysis has a limited usage, depending on the nature of the risk or project, and the availability of data required for the analysis.
In the case of qualitative risks analysis, a pre-defined rating scale is used to prioritize different types of risks wherein risks are scored on the basis of probability of occurrence and the potential impact on the project. The risks are also categorized on the basis of their source or ...