Back to School Offer

Get 20% of Your First Order amount back in Reward Credits!

Get 20% of Your First Orderback in Rewards

All papers examples
Get a Free E-Book! ($50 Value)
HIRE A WRITER!
Paper Types
Disciplines
Get a Free E-Book! ($50 Value)

Difference Between Qualitative and Quantitative Risk Analysis Methods, Essay Example

Pages: 3

Words: 792

Essay

Risks analysis in the organization or business is usually conducted in two ways thus Qualitative and Quantitative. To ensure effective risk assessment for any given project plan it is always important for the project manager or director to understand the basic difference between various risks analysis (Aven, 2009).There exist big differences between the two risk analysis methods. First and foremost, Quantitative risk analysis is designed to ensure that effective security measures have been implemented including the cost. On other hand qualitative analysis indicates that safety measures have been already utilized as well as it indicates the safety measures which can be significant to the project or organization is implemented. Secondly, qualitative risk analysis is one the useful risks analysis techniques which allows an individual or an organization to quickly identify potential risks, assets as well as resources which maybe vulnerable to these risks (Aven, 2009).

Thirdly, in most cases the goal of qualitative risk analysis is usually to gain a particular level of risk protection from certain potential risks as well as the protection which is likely to increase risk awareness among the organizational members. Qualitative analysis therefore can be seen as an analysis which is based on calculations which in most cases are usually fairly basic. Since qualitative analysis is based on calculations, the value of all the assets in questions is often not considered in the analysis (Elliott, 2005). On other hand quantitative analysis is also based on calculations and does the same things as those one found in qualitative kind of analysis, though the quantitative kind of analysis is capable of identifying potential envelopes for which safeguards as well as losses can be detected.

Unlike, qualitative kind of risk analysis, quantitative risk analysis is based on highly subjective processes which require the use of metrics as well as high levels of efforts.   In qualitative kind of data analysis, data is collected and analyzed for key decision making process without necessarily being presented in a friendly manner for management. On other hand , quantitative analysis allows the project managers to analyze the data  and present it in a friendly manner for management decision to make the decisions . In this kind of data analysis, data can be expressed in percentages, values, probabilities as well as in figures which is not possible with qualitative kind of data analysis (Elliott, 2005).

 

When each risk is used

Quantitative risk analysis puts an exact figure to a given identified risk hence in most cases quantitative risk has its focus on the implementation of safety measures as way of protecting the business, organization or the project against the defined or identified risk. This kind of risk analysis helps firms as well as organizations to create very precise analytical interpretation of risks hence putting in place risk-resolving measurers well suited to various project needs (Barbara, 2007). This kind of risk analysis method is most favored by many management teams because it provides an opportunity for data analyzed to be presented in graphs , percentages, charts as well as probability hence ensuring easier interpretation because it emphasizes using tools such as metrics (Barbara,2007).

Qualitative is usually used to acquire safety against recognized risks as well as increase the alertness of the management, team members as well as top level personnel regarding the potential effects of the risk and who in particular are vulnerable to the identified risks. Qualitative risk analysis therefore involves through examination of resources and identification of those resources which are susceptible to such risks. This kind of risk analysis helps firms to identify appropriate measures that can incorporated to restrict  various risks in the organizations as well as implement various risk-related analytical protocol for future reference(Rubin, 2008).

 

What type of analysis will you use for the IRTC customer service system project? Why?

Quantitative risk analysis  because it puts an exact figure to a given identified risk hence in most cases quantitative risk has its focus on the implementation of safety measures as way of protecting the business, organization or the project against the defined or identified risk. This kind of risk analysis helps firms as well as organizations to create very precise analytical interpretation of risks hence putting in place risk-resolving measurers well suited to various project needs (Rubin, 2008). Since IRTC customer service system project has is associated with customers needs quantitative kind of risk analysis is important because it will analyze the specific risks associated with the project as well as ways of protecting it.

 

 

References

Aven, T. (2009). Foundations of risk analysis: a knowledge and decision-oriented perspective. London: Wiley and Sons.

Barbara, J. (2007). Using narrative in social research: qualitative and quantitative approaches. Chicago: Sage

Elliott, J (2005). Using Narrative in Social Research: Qualitative and Quantitative Approaches. Chicago: Sage Publications:

Rubin, A. (2008).Research methods for social work.6th ed. New York: Cengage Learning.

Time is precious

Time is precious

don’t waste it!

Get instant essay
writing help!
Get instant essay writing help!
Plagiarism-free guarantee

Plagiarism-free
guarantee

Privacy guarantee

Privacy
guarantee

Secure checkout

Secure
checkout

Money back guarantee

Money back
guarantee

Related Essay Samples & Examples

Email and Voicemail Monitoring, Essay Example

When it comes to email and voicemail monitoring, it is important to consider the implications of these actions on behalf of both the employee as [...]

Pages: 1

Words: 340

Essay

Description of Place: A Forest, Essay Example

The logic behind the significance of specific locations to individuals inevitably varies. Some places may hold pertinence since they are the sites of important personal [...]

Pages: 1

Words: 315

Essay

Quality Management System, Essay Example

Customer needs and expectations are the products any customer attaches to a company and knows that he or she will get it when need arises. [...]

Pages: 1

Words: 337

Essay

What Does It Take To Be a Good Parent Assignment, Essay Example

The issue of what does it take to be a good parent is contentious, insofar as the thematic remains susceptible to subjective interpretations. One may [...]

Pages: 1

Words: 330

Essay

Human Rights Violations and the Legal System, Essay Example

The Universal Declaration of Human Rights (hereinafter: UDHR), advanced by the United Nations General Assembly in 1947, was a watershed moment, insofar as with this [...]

Pages: 4

Words: 1122

Essay

The Critical Consulting Firm, Essay Example

Week 5 Issues The CanGo operation provides interesting insights into, unfortunately, how to conduct employee relations poorly. This is obviously not the company’s intent; on [...]

Pages: 5

Words: 1287

Essay

Email and Voicemail Monitoring, Essay Example

When it comes to email and voicemail monitoring, it is important to consider the implications of these actions on behalf of both the employee as [...]

Pages: 1

Words: 340

Essay

Description of Place: A Forest, Essay Example

The logic behind the significance of specific locations to individuals inevitably varies. Some places may hold pertinence since they are the sites of important personal [...]

Pages: 1

Words: 315

Essay

Quality Management System, Essay Example

Customer needs and expectations are the products any customer attaches to a company and knows that he or she will get it when need arises. [...]

Pages: 1

Words: 337

Essay

What Does It Take To Be a Good Parent Assignment, Essay Example

The issue of what does it take to be a good parent is contentious, insofar as the thematic remains susceptible to subjective interpretations. One may [...]

Pages: 1

Words: 330

Essay

Human Rights Violations and the Legal System, Essay Example

The Universal Declaration of Human Rights (hereinafter: UDHR), advanced by the United Nations General Assembly in 1947, was a watershed moment, insofar as with this [...]

Pages: 4

Words: 1122

Essay

The Critical Consulting Firm, Essay Example

Week 5 Issues The CanGo operation provides interesting insights into, unfortunately, how to conduct employee relations poorly. This is obviously not the company’s intent; on [...]

Pages: 5

Words: 1287

Essay

Get a Free E-Book ($50 in value)

Get a Free E-Book

How To Write The Best Essay Ever!

How To Write The Best Essay Ever!