MANAGEMENT

Detailed explanation-1: -"Qualitative risk analysis is the process of prioritizing individual project risks for further analysis or action by assessing their probability and impact as well as other characteristics."

Detailed explanation-2: -Qualitative Risk Analysis is the process for prioritizing risks for subsequent further analysis or action by assessing and combining their probability of occurrence and impact.

Detailed explanation-3: -Qualitative risk analysis is quick but subjective. On the other hand, quantitative risk analysis is objective and has more detail, contingency reserves and go/no go decisions, but it takes more time and is more complex. Quantitative data are difficult to collect and can be prohibitively expensive.

Detailed explanation-4: -The Delphi technique is an anonymous feedback-and-response process used to enable a group to reach an anonymous consensus. Its primary purpose is to elicit honest and uninfluenced responses from all participants.

Detailed explanation-5: -Step 2: Risk Assessment. There are two types of risk and opportunity assessments: qualitative and quantitative. A qualitative assessment analyzes the level of criticality based on the event’s probability and impact. A quantitative assessment analyzes the financial impact or benefit of the event.