METHODS OF RISK ASSESSMENT

 Qualitative risk analysis should be done for every small, medium and large project. It is a very quick and simple process. However, although it is subjective, it really does show us which risks are significant. On the other hand, quantitative risk analysis is optional. We have to determine if there is enough benefit to undertake the risk. It is objective and numerical. Although it takes more time, it gives more detail and information. It is critical in terms of contingency reserves. It really helps us to decide whether or not to take risks in critical situations