What are the 2 types of risk assessment?

There are two main types of Risk Assessment - Qualitative risk assessments and Quantitative risk assessments.

1. Qualitative risk assessments have a subjective approach.

2. Quantitative risk assessments have an objective approach. 

The difference between qualitative and quantitative is in the approach and outcome.

• Qualitative Risk Assessments

  When looking at a qualitative risk we are focusing on those risks where the likelihood of a specific event going wrong will have a direct negative outcome. Therefore, the desired outcome of the risk is to establish the severity such as low, medium, high risk etc.   

• Quantitative Risk Assessments

  When looking a quantitative risk we are looking for the effects of this risk in terms of actual cost/effort as a negative. i.e. materials, labour and time lost etc. Therefore, a quantitative risk has a numerical value.  

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