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What is Qualitative Risk Analysis?

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Qualitative risk analysis is the use of a rating scale to evaluating the probability and impact of risks. It is an alternative to quantitative methods such as modeling risk probabilities as a probability distribution and impacts as dollar values. In many cases, qualitative risk analysis is close enough given that estimates of future probabilities are often educated guesses.

Example

A project team identifies risks to a project and rate probabilities as likely, possible, unlikely. They rate impact as high, medium and low.

Notes

Rating scales are often color coded using color temperature with a scale such as red, orange and yellow.
Overview: Qualitative Risk Analysis
Type
Definition
The use of a rating scale to evaluating the probability and impact of risks.
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