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Qualitative and quantitative risk assessment

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Question: What is the difference between qualitative and quantitative risk assessment? Why do we use both and when it is appropriate to use each of these methods of assessment? At least 1 apa style reference

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The paper determines the difference between quantitative and qualitative risk assessment methods. It has been observed that qualitative risk assessment is regarded as subjective and emphasizes upon recognizing the risks in order to analyze the chances of a particular risk event. Whereas, quantitative risk assessment is considered to be objective and utilizes a verifiable data to evaluate the impact of risks. It is seen that it is efficient to utilize both the methods as it helps in quantifying the possible outcomes. It helps in clearing up any lasting uncertainty which surrounds the outcomes of the initial analysis. Moreover, the utilization of these methods of assessment also helps in evaluating the probability of attaining the goals effectively.

Reference no: EM132794011

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