Quantitative and qualitative Risk assessment methodologies share closely related principles with fundamentally different processes. Risk assessment focuses on four major components; exposure assessment; hazard identification; risk characterization; and hazard characterization (Simmons, Dauwe, & Gowland, 2016). A qualitative risk assessment analyzes risk in an objective by determining the impact using a pre-defined subjective scale. The grading of a risk event is usually done using expert judgment to determine the likelihood of success. Quantitative risk assessment relies on factual and measurable data to determine the potential risk in an objective. It can only be used in situations where data can be measured and used to predict the probability of success. The benefits of a quantitative risk analysis is that it produces precise results about risk value. It can also be used to build upon the results of a qualitative risk assessment to the most effective risk response. The SVA is an example of effective integration of both concepts, used to assess risk events before they happen. Qualitative and quantitative risk analysis are essential for improving process efficiency towards achieving a desired outcome. As indicated in the post, a qualitative approach organizes task danger using a pre-characterized scale. Focus is driven into the involved parties’ perception of a risk occurring, by representing the probability through a low to high scale that defines the final risk value. Its method of approach makes it easy to carry out, often allowing an organization to take the user’s experience in a timely manner (Leal, 2017). However, results may be affected by bias. Linking the assessment with a quantitative approach creates information that allows the decision maker to minimize the risk of failure in their objective. Quantitative analysis is time consuming and cost intensive but justifies the high price by providing reliable and accurate results. Security vulnerability assessment is a performance-based methodology that utilizes a variety of data sources to define, identify, and classify security vulnerabilities. In addition, it can also assess the effectiveness of different proposed countermeasures.
References
Leal, R. (2017, March 6). Qualitative vs. quantitative risk assessments in information security. Advisera . https://advisera.com/27001academy/blog/2017/03/06/qualitative-vs-quantitative-risk-assessments-in-information-security/
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Simmons, D., Dauwe, R., & Gowland, R. (2016). Qualitative and quantitative approaches to risk assessment. Understanding Disaster Risk: Risk Assessment Methodologies and Examples , 44-129.
