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What is the difference between qualitative and quantitative risk assessments?
quantitive risk assessment is to do with numers, high, medium and low numbers can range from 5 to 1 qualitive risk assessments are words, descriptive words
Is 45 percent efficient a qualitative assessment or quantitative assessment?
A quantitative assessment involves numbers. This says 45% so it is quantitative. Qualitative would involve a description: fairly efficient, very efficient or more efficient than before.
Importance of quantitative techniques?
Quantitative techniques provide managers with concrete evidence and information, which allows them to make better decisions. Without quantitative techniques, managers would guess and risk assets of the business.
What are the two main forms of Risk Analysis?
There are two main forms of Risk Analysis:1. Qualitative Risk Analysis &2. Quantitative Risk AnalysisQualitative Risk AnalysisThis is used to prioritize risks by estimating the probability of the occurrence of a risk and its impact on the project.Quantitative Risk AnalysisThis is used to perform numerical analysis to estimate the effect of each identified risk on the overall project objectives and deliverables.Usually, you prioritize risks by performing qualitative analysis on them before you perform quantitative analysis. We will learn both one by one in the subsequent chapters.
What is the intersection of the assessed probability and seventy of a hazard called in the crm process?
Risk assessment.
