Jenny is working with her team and SMEs to prioritize identified risks for further analysis. They decide to use a five-point scale of very low (VL), low (L), medium (M), high (H), and very high (VH) to assess the likelihood and impact of risk events. This process may be best described as

Question

BlackTom AI · Accepted Answer

In this scenario, Jenny and the team are using descriptive labels (very low, low, medium, high, very high) to rate both likelihood and impact of risk events, which is characteristic of a qualitative approach to risk analysis.
Option 1: Qualitative risk analysis. This choice aligns with the use of non-numeric scales to categorize risk severity and likelihood, capturing perceptions and judgments rather than precise numbers.
Option 2: Probability scaling technique. This term is not a standard descriptor for risk analysis methods; it suggests a specialized method for probabilities, which does not fit the described qualitative five-point scale.
Option 3: Quantitative risk analysis. Quantitative approaches rely on numerical data, statistical models, and often numerical estimates like probabilities and monetary values; the five-point qualitative scale does not provide the numeric rigor typical of quantitative analysis.
Option 4: Five-point quantitative assessment. The descriptor ‘quantitative’ implies measurable numbers, but a five-point scale of qualitative labels is ordinal and descriptive rather than truly quantitative, so this phrasing is inconsistent with standard quantitative methods.

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Anita is working with her team and SMEs to prioritize identified risks for further analysis. They decide to use a five-point scale of very low (VL), low (L), medium (M), high (H), and very high (VH) to assess the likelihood and impact of risk events. This process may be best described as

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Perform Qualitative Risk Analysis is usually a rapid and cost-effective means of establishing priorities for Plan Risk Responses and lays the foundation for Perform Quantitative Risk Analysis, if required.

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