What distinguishes qualitative risk assessment methods from quantitative ones?

Qualitative risk assessment methods primarily rely on subjective judgments to evaluate risks rather than numerical data. This approach involves gathering insights from individuals' experiences, perceptions, and opinions to assess the significance and likelihood of potential risks. For instance, through interviews, focus groups, or workshops, stakeholders can express their views on what they consider as potential risks based on circumstances, expert knowledge, or historical occurrences.

In contrast, quantitative methods apply numerical data and statistical analysis to estimate risks. These methods often involve calculating probabilities and potential impacts using defined metrics, which can lead to more concrete risk assessment results.

This distinction highlights the essence of qualitative methods as being based on interpretation and personal viewpoints, making them particularly useful in scenarios where numerical data may be scarce or difficult to interpret. Understanding this difference is critical in selecting the right assessment method for the specific context or objectives of a risk analysis.