8 Important Qualitative Risk Analysis Methods
Qualitative risk analysis methods are used to quantify risk associated with a particular hazard. Qualitative risk analysis methods are the most basic form of risk assessment, categorizing potential risks based on either nominal or ordinal scales. It involves evaluating the potential losses from a given risk using a combination of known information about the situation, knowledge about the underlying process, and judgment about the information that is not known or well understood.
Qualitative Risk Analysis Methods
Generally, we have qualitative and quantitative risk analysis methods. The main difference is that qualitative risk analysis uses a relative or descriptive scale to measure the probability of occurrence whereas quantitative risk analysis uses a numerical scale.
For example:
A qualitative analysis would use a scale of “Low, Medium, High” to indicate the likelihood of a risk event occurring.
Whereas,
A quantitative analysis will determine the probability of each risk event occurring, attaching numerical values to them. For example, Risk #1 has an 80% chance of occurring, Risk #2 has a 27% chance of occurring, etc.
Read Also: Risk Analysis in HSE
There are several qualitative risk analysis methods, they include:
1. Delphi Technique:
This is a form of risk brainstorming that makes use of expert opinion to identify, analyze, and evaluate risks on an individual and anonymous basis. Each expert then reviews every other expert’s risks, and a risk register is produced through continuous review and consensus between the experts.
Read More — Qualitative risk analysis methods
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