Define qualitative and quantitative risk analysis

Assignment Help Risk Management

Reference no: EM13817044

A common assumption following the completion of a project would be that the sun would rise the next day. Suppose for a moment the sun did not rise. The severity of this risk would threaten not only the completion of this project but most other projects. In other words, the risk posed by the sun not rising is extremely high; however, the likelihood of that happening is relatively small.

On the other hand, consider a different sort of risk. Consider that one of the billing system database servers has been destroyed. The likelihood of this happening is considerably higher than the likelihood of the sun not rising. Unless the database was not recently backed up, the severity of this risk is relatively low. In other words, neither of these risks rises to a level that would threaten the completion of the project.

What are the differences between qualitative and quantitative risk analysis? When is each type of analysis appropriate? What type of analysis will you use for the customer service system project?

Reference no: EM13817044

Questions Cloud

Training designer for a consulting firm : You are a training designer for a consulting firm. Your supervisor has allowed you to pick your next assignment. There are two options available:

About atherosclerosis : Atherosclerosis

Articles related to the current level of interest rates : Select two or more news articles related to the current level of interest rates, and analyze the issue using the economic concepts and theory learned in this class. Develop a 4 to 5 page double-spaced paper that advocates a position on whether there ..

How does setting contribute to the characters development : How does the setting contribute to the character's development? How does the setting contribute to the characters experience and give the story more meaning?

Define qualitative and quantitative risk analysis : What are the differences between qualitative and quantitative risk analysis. When is each type of analysis appropriate. What type of analysis will you use for the customer service system project.

People respond to economic incentives : Suppose the U.S. government encouraged new teachers to take jobs in under-performing schools by paying the new teachers a $20,000 bonus. These teachers would be exemplifying the economic idea that A) people are rational. B) people respond to economic..

Futures contract with respect to foreign exchange : An importer will generally try to avoid making payment for a purchase before the goods are actually shipped by:Question 19: In purchasing a claim to foreign exchang

Immune and musculoskeletal diseases : Immune and Musculoskeletal Diseases

The wage elasticity of labor supply : The wage elasticity of labor supply for women aged 18-25 is measured to be 0.3. Within this group, the average weekly wage of the high-school graduates is 2/3 the amount of college graduates. Assume that wage elasticity and all other individual chara..

User Account

All Pages