Comprehensive capture of the difference between qualitative and quantitative risk assessment theories is done in-depth. A couple more issues to capture on the two is that qualitative risk assessment is subjective. The process involves collecting information on risk from people through interviews, brainstorming, SWOT analysis, and expert analysis, among others. The assessment is subject to biases and opinions, which may fail to capture the actual gravity of a risk. On the contrary, quantitative risk assessment is objective because it involves using numerical data to assess the severity of a risk. Processes include sensitivity analysis, Cost risk analysis, and expected monetary value (EMV) analysis, among other calculative processes (Peltier, 2005). However, it is also important to note that the two risk assessment methods complement each other (Bea, 1996). As an assessment begins with qualitative analysis, it richly captures expert opinion and the probability of risk occurrence. From this information, a probability index can be determined, leading up to quantitative analysis. Quantitative analysis can now quantify and calculate the impacts of risk at different levels. Both qualitative and quantitative risk assessment methods are essential for project management. The Bible or Christianity connotes that there is no risk in the world. Scripture implies that if you believe in Christ, no harm shall come. Romans 8:31 ESV says “what then shall we say to these things? If God is for us, who can be against us”. If it were literally, then there would be no purpose for the SVA. Comprehensively outlined the security vulnerability assessment (SVA) process. An essential factor to note is the role of expertise in the SVA process. For the process to be comprehensive, it has to combine both qualitative and quantitative risk assessment models. The initial should begin with a team of experts working in the organization. The role of expertise is reducing the biases in the information given, thus decreasing the subjectivity of a qualitative assessment (Smock, 2002). The reduction of subjectivity in the SVA improves its objectivity. Experts are more professional, have the background knowledge, and experience in the positions they hold. They are in a better place to understand and comprehend the risk probabilities to present for qualitative assessment. The second part that experts present to evaluation is experience. Experience translates to a better understanding of the identity and impact of a risk leading up to the probability in the SVA (National Research Council, 2005). The more experienced an expert is, the more time they have had to go through phenomena induced by different risks. Therefore, expertise, coupled with experience, stands a better chance of determining risk probability in the SVA.
References
Smock, R. (2002). Reducing Subjectivity In Qualitative Risk Assessments. SANS Security Essentials , 1.3 .
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National Research Council. (2005). The owner's role in project risk management . National Academies Press.
