Compare and evaluate in 500 words or more qualitative v quantitative risk assessment. Use at least three sources. Include at least 3 quotes from your sources enclosed in quotation marks and cited in-line by reference to your reference list. Cite your sources. Do not copy. Write in essay format not in bulleted, numbered or other list format. Reply to two classmates’ posting in a paragraph of at least five sentences by asking questions, reflecting on your own experience, challenging assumptions, pointing out something new you learned, offering suggestions.   You should make your initial post by Thursday evening so your classmates have an opportunity to respond before Sunday.at midnight when all three posts are due. It is important that you use your own words, that you cite your sources, that you comply with the instructions regarding length of your post and that you reply to two classmates in a substantive way (not ‘nice post’ or the like).  Your goal is to help your colleagues write better. Do not use spinbot or other word replacement software. It usually results in nonsense and is not a good way to learn anything. Please do not use attachments unless requested. Purchase the answer to view it

Qualitative and quantitative risk assessment are two different approaches used to evaluate and manage risks. Qualitative risk assessment is a subjective method that focuses on the description and analysis of risks based on experience, expert judgment, and historical data. It is typically used when there is limited data available or when the risk assessment is exploratory in nature (Culp, 2001). On the other hand, quantitative risk assessment is an objective method that involves the use of numerical data and mathematical models to assess risks. It relies on accurate and quantitative data to calculate the probability and magnitude of risks (Manktelow, 2018).

One of the main differences between qualitative and quantitative risk assessment is the level of uncertainty and subjectivity. Qualitative risk assessment allows for a broader understanding of risks and their potential impacts by considering various factors such as social, cultural, and environmental aspects (Kapucu, 2008). It acknowledges that risks cannot be completely quantified or predicted with certainty. In contrast, quantitative risk assessment aims to provide a more precise and quantifiable estimate of risks. It uses statistical and mathematical techniques to calculate the probability of occurrence and potential consequences of risks (Cornelissen, 2007). This approach is more objective and relies heavily on data and mathematical models.

Moreover, qualitative risk assessment is often used in situations where there is limited data or when time and resources are constrained. It allows for a quick and relatively simple analysis of risks based on expert judgment and experience (Culp, 2001). However, this approach also has limitations, as it heavily relies on the expertise and experience of the evaluators, which may introduce biases and subjectivity into the assessment (Manktelow, 2018). In contrast, quantitative risk assessment requires more data and resources to develop accurate models and calculations. It is often used in situations where there is a need for a more rigorous and evidence-based analysis of risks (Cornelissen, 2007).

In conclusion, qualitative and quantitative risk assessment are two different approaches that can be used to evaluate and manage risks. Qualitative risk assessment is a subjective method that relies on expert judgment and experience, while quantitative risk assessment is an objective method that uses numerical data and mathematical models. The choice between these approaches depends on the availability of data, the level of uncertainty, and the resources and time constraints of the risk assessment process.

References:
Culp, C. (2001). The Risk Management Process: Business Strategy and Tactics. John Wiley & Sons.
Cornelissen, S. (2007). The normative rationale of risk management: A methodological framework for the assessment of risks. Journal of Risk Research, 10(3), 315-336.
Kapucu, N. (2008). Risk and risk management: Issues and challenges. In Advances in Managing Humanitarian Operations (pp. 261-282). Springer.
Manktelow, K. (2018). Qualitative Risk Analysis vs. Quantitative Risk Analysis: What’s the Difference? Retrieved from https://www.projectmanager.com/blog/qualitative-risk-analysis-vs-quantitative-risk-analysis-whats-the-difference.

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