Risk assessment is critical in project management because it enables the team to come up with proactive activities that can reduce the risk that could harm the project life cycle. Therefore, conducting a risk assessment is the best way to identify any mistake during the project circle and correct them before they lead to negative impacts on the project results. Risk assessment can be done through qualitative or quantitative approaches. A qualitative approach is subjective, while the quantitative approach is objective ( Noyes et al., 2019). Quantitative Risk Analysis analyses the risks numerically to identify their effects on the project outcome. It involves assigning a quantitative or numerical rating to the hazards that reflect the probability of its occurrence. While conducting the risk analysis using a quantitative approach, the emphasis statistical methods such as s ensitivity analysis, cost risk analysis and breakeven analysis.
Besides, the qualitative analysis takes subjective approaches to analyses the risk. Therefore, it considers different techniques such as interviews, brainstorming, Delphi technique and also assumption analysis ( Noyes et al., 2019). The difference between the two approaches, therefore, lies in the fact that while the quantitative risk analysis approach emphasizes the use of the statistics, the qualitative tries to find a solution. Security vulnerability assessment (SVA) is critical as it that identifies possible risks in the project. With risk vulnerability assessment, the project team can identify people, activities, and the process that can lead to risk and correct them before they have an impact on the project. Security vulnerability assessment is also critical as it validates the effectiveness of current security safeguards, and this is critical in achieving the goals at the end of the project ( Sarrazin et al., 2019). Also, conducting the SVA is vital as it helps in quantifying the risk to the internal systems and confidential information which are critical to the project.
Delegate your assignment to our experts and they will do the rest.
References
Noyes, J., Booth, A., Moore, G., Flemming, K., Tunçalp, Ö.,&Shakibazadeh, E. (2019). Synthesizing quantitative and qualitative evidence to inform guidelines on complex interventions: clarifying the purposes, designs and outlining some methods. BMJ global health , 4 (Suppl1), e000893.
Sarrazin, S., Joosten, P., Van Gompel, L., Luiken, R. E., Mevius, D. J., Wagenaar, J. A., ... &Dewulf, J. (2019). Quantitative and qualitative analysis of antimicrobial usage patterns in 180 selected farrow-to-finish pig farms from nine European countries based on single batch and purchase data. Journal of Antimicrobial Chemotherapy , 74 (3), 807-816.
