By combining the insights of quantitative analysis with the real-world knowledge of a qualitative assessment, you can get a more accurate picture of the risks involved and develop a more effective safety plan.
Quantitative risk assessment is a tool used to identify risks and measure the likelihood of them happening as well as the severity if they did. This information is important for making decisions about what could happen if a situation does occur.
Quantitative risk assessment also highlights the benefits of possible risk management strategies. Information from this assessment is used to prioritize risks by identifying which risks are most important.
Decision makers use quantitative risk analysis to identify and quantify the probability and consequences of risks. They can then better understand the magnitude and impact of risks.
Qualitative risk assessment is a complementary tool to quantitative risk assessment. It is used to understand and interpret risk information.
Qualitative risk assessment helps organizations understand the factors that contribute to risk. From there, organizations can identify the potential impact of risks. Qualitative risk assessment can also help to identify the most effective risk management strategies.
Using quantitative and qualitative risk assessments together allows organizations to gain a complete understanding of the risks they face. They can then take informed action about how best to protect themselves from them.