Qualitative Risk Analysis
Qualitative Risk Analysis is a measure of risk or asset value based on a ranking or separation into descriptive categories such as low, medium, high; not important, important, very important etc. or on a scale from 1 to 5.
Qualitative Risk Analysis includes methods for prioritizing the identified risks for further action, such as Quantitative Risk Analysis or Risk Response Planning. Organizations can improve the project’s performance effectively by focusing on high-priority risks. Qualitative Risk Analysis assesses the priority of identified risks using their probability of occurring, the corresponding impact on project objectives if the risks do occur, as well as other factors such as the time frame and risk tolerance of the project constraints of cost, schedule, scope, and quality.
