How Does It Compare to Quantitative Risk Assessment?
While both qualitative and quantitative risk assessments aim to evaluate and manage risks, they do so using different approaches. Quantitative risk assessments involve numerical data and mathematical models to estimate risk levels, providing a more precise evaluation. In contrast, qualitative assessments use descriptive terms and expert judgment to categorize risks. The choice between the two depends on the availability of data, the context of the assessment, and the specific needs of the decision-makers.
