Q. What is qualitative and quantitative risk analysis etc

Question

Accepted Answer

Qualitative risk analysis is subjective and based on expert judgment, while quantitative risk analysis uses numerical data and statistical methods.

Qualitative risk analysis assesses the likelihood and impact of risks based on subjective factors such as experience and intuition.
Quantitative risk analysis uses numerical data and statistical methods to assess the likelihood and impact of risks.
Quantitative risk analysis is more objective and precise than qualitative risk analysis.
Examples of quantitative risk analysis methods include fault tree analysis, event tree analysis, and Monte Carlo simulation.
Examples of qualitative risk analysis methods include risk matrix, risk ranking, and risk assessment workshops.

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