Page 9 - Risk Management
P. 9
Qualitative Risk Analysis
A qualitative risk analysis is defined as “an
assessment of risk relating to the qualities
and subjective elements of the risk – those
that cannot be quantified accurately.
Qualitative techniques include the
definition of risk, the recording of risk details
and relationships and the categorization
and prioritization of risks relative to each
other” (the last aspect referring to the risk
evaluation step of risk assessment).
The qualitative risk analysis includes an
assessment of the levels of likelihood and
impact to any risk events. Based on the
degree of likelihood and impact, a heat
map can be created to quantify the results
of the analysis.
