Risk assessment is a vital part of determining various work-related associated risks– may it be in the managerial, healthcare, and industrial setting(Safran, 2021).   A risk assessment or analysis is an essential component in project management, and it may be categorized into two, qualitative and quantitative risk assessment– these are two established methodologies, yet, despite its universal uses and impact, surprisingly many are still unable to fully understand the goal and outcome of each method (Safran, 2021). 

      Qualitative risk analysis is a subjective assessment– its approach emphasizes the determination of the risks to measure or analyze the likelihood or the appearance of a certain risk within a given project and its impact on the overall project outcome and time framework if such risk occurs (Safran, 2021).    The goal of the qualitative risk assessment is to examine and identify the severity of the given risk; the results are then noted in a risk assessment matrix or any other forms which are relatively useful in providing hypothetical graphical analysis or reports– this then becomes a medium of providing information to the stakeholders and as a form of communicating the hazards associated with the identified risks(Safran, 2021). 

     Quantitative risk assessment, on the other hand, focuses on objective analysis (Safran, 2021).   This method utilized data, numbers that are verified and analyzed to determine the effects of the risk with regards to cost overruns, resource consumption, delays in schedule, and scope creep. Likewise, quantitative assessment uses the quantifiable numerical value to assess and determine the risk– for instance, risk A appears to have a 40% chance of happening, the conclusion that is driven and based on observable data; hence quantitative risk assessment heavily relies on the quantifiable, reliable and accurate set of data (Safran, 2021). 

     The two risk assessments are considered important in project management; however, the use of the analytical method is based on the type of project. The quantitative risk assessment is better in terms of managing the risk of projects which are relatively new and modern in nature, as it provides a more concise result that is better in easily grasping the risk and the outcomes associated with it (Safran, 2021).  Despite this, qualitative risk assessment is no subpar, considering that qualitative risk analysis is beneficial and rather useful with regards to gauging and estimating the probability and prioritization of the risk address it in an approach that people in the non-project sector could easily understand (Safran, 2021). 

     Furthermore, quantitative risk assessment heavily relies on statistical data– quantifiable data that should be accurate in order to produce non-skewed and actionable conclusions; hence, some project managers tend to utilize qualitative risk assessment instead(Safran, 2021).   Although qualitative risk assessment is a lot quicker, quantitative analysis is still more robust, as it is able to provide quantifiable outcomes, clear uncertainty associated with the results of the initial analysis determined via a qualitative approach, set costs and scheduling targets deemed achievable; and assess the likelihood or probability of these goals to be successful (Safran, 2021).