Question
What is primary difference between qualitative and quantitative risk analysis.
Answer :
Word Count : 408
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The primary difference between qualitative and quantitative risk analysis lies in how risks are assessed and expressed. Qualitative risk analysis evaluates risks using descriptive categories such as low, medium, high, very low, or very high. Quantitative risk analysis, in contrast, uses numerical data, probabilities, and measurable values to estimate the likelihood and potential impact of risks. In risk assessment and vulnerability analysis, qualitative analysis is generally used when exact numerical information is unavailable or difficult to obtain. It considers factors such as the nature of a hazard, the vulnerability of people or assets, the exposure of a system, and the possible severity of consequences. For example, if a flood-prone area has weak drainage and houses located close to a river, the risk may be classified as “high” based on expert judgment and observed conditions. Qualitative analysis is relatively simple, less time-consuming, and useful
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