If you were given a choice to conduct a quantitative risk analysis or a qualitative risk analysis, which option would you choose and why? How would you go about completing the risk analysis?

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Cristian Hamilton · Accepted Answer

Qualitative risk analysis is defined to be a method that is meant for quantifying the risk involved with a specific hazard where the risk assessment is meant for finding outcomes from uncertain events which could have significant consequences. This is mostly meant for assessing the outcome as well as the risk impact.On the other hand, it is the quantitative risk analysis which is mostly relying on the time of assessing and cost it involves the risk on the project targets with considerable objective technique.Both play equal importance while qualitative risk would be more considered as it would find ways to prevent risk on the system as well as the organization.The ways of completing the risk analysis are as follows:1) First is to identify the hazard, which has the possibility of causing harm2) This would help in deciding how the harm has happened and how long would it last3) Assessing the risk and action has been taken into consideration4) Finding the record of the findings5) Reviewing the risk which is to be accessed.

If you were given a choice to conduct a quantitative

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