Section 9.85 Qualitative Risk Analysis Flashcards
Objective 5.2: Explain elements of the risk management process
1
Q
Qualitative Risk Analysis
A
A method of assessing risks based on thier potential imapct and the likehood of their occurance
■ Categorises risks as high, medium, or low
■ Subjective and relies on expertise and experience
■ Avoids quantitative complexity
2
Q
Likelihood/Probability
A
● Chance of risk occurrence
● Qualitatively expressed as low, medium, or high
● Based on past experience, statistical analysis, or expert judgment
3
Q
Impact
A
Potential consequences if risk occurs. Qualitatively rated as low, medium, or high
Assess damage to project or business objectives
Impact Levels:
○ Low Impact: Minor damage, essential functions operational
○ Medium Impact: Significant damage, loss to assets
○ High Impact: Major damage, essential functions impaired
