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Risk analysis helps in identifying and assessing potential risks. By evaluating the possible risks, organizations can make informed decisions and mitigate the risks through relevant corrective measures.
When it comes to risk analysis, qualitative and quantitative approaches dominate. Let’s understand the difference between qualitative & quantitative here.
What is Qualitative Risk Analysis?
It is a process of assessing and prioritizing risks based on their likelihood of occurrence, potential consequences, and other applicable factors.
What is Quantitative Risk Analysis?
Quantitative Risk Analysis is the process of measuring probabilities and the potential consequences of certain risks based on the data available.
Qualitative vs. Quantitative risk analysis
Based on the approach
Qualitative: A subjective approach to identifying risks and evaluating the probability of happening. Assessing and prioritizing risks is a core goal.- Quantitative: An objective approach where the data is utilized to evaluate the risks.
Based on the time
- Qualitative: it is easy to follow and beneficial for smaller projects.
- Quantitative: Needs mathematical calculation and is time-consuming.
Based on the scope of the analysis
- Qualitative: This approach considers all identified risks
- Quantitative: Typically emphasises marked risks that have high impacts after qualitative assessment.
Based on speed & complexity
- Qualitative: It is complex as it doesn’t adopt any straightforward calculation and expertise is required. Time-consuming as it identifies every risk and ranks them.
- Quantitative: This approach adopts direct calculating methods and tools to make the process simple. Utilizing tools speed up the process.
Ease of use
- Qualitative: Easy to use as there are no tools used.
- Quantitative: Relies on tools and this makes it difficult in some cases.
When to perform
- Qualitative: Useful in almost all scenarios. Particularly beneficial for risk analysis where risks are complicated or subjective.
- Quantitative: Useful in large, complex and sophisticated projects, such as Oil and gas or petrochemical industries.
