Differentiate between qualitative and quantitative risk analysis methods, give an example of drawback and benefit for each.

      

Differentiate between qualitative and quantitative risk analysis methods, give an example of drawback and benefit for each.

  

Answers


Lydia
Furthermore, with a qualitative risk assessment methodology, the task is somewhat more difficult.
While the cost of the strategies is usually well known, the cost of not implementing the strategies is not, which is why a qualitative and not a quantitative risk assessment is usually performed. This includes a management-friendly description of the impact and likelihood with each risk and risk management strategy, and is considered to be extremely effective. Another effective strategic is showing the residual risk that would be in-effect after the risk management strategy was enacted.


lydiajane74 answered the question on May 13, 2018 at 23:18


Next: Under Risk Management Plan, differentiate between the following terms: i) Risk avoidance ii) Risk transfer iii) Risk mitigation iv) Risk acceptance v) Residual risk
Previous: How do you rank or prioritize the risks?

View More Business Studies Questions and Answers | Return to Questions Index


Exams With Marking Schemes

Related Questions