The Best Qualitative Risk Assessment Methods

Risk assessment is a crucial skill for project managers to identify and define risks associated with their decisions, evaluating all possible outcomes and impacts of the risk. Quantitative and qualitative are the two types of risk assessment methods, where qualitative methods are more effective but difficult to fund. A risk narrative helps identify and depict a particular risk, which incudes categorizing hazard, consequences, likelihood, and final risk. Qualitative risk assessment matrix, urgency assessment, and professional opinion are some of the methods to assess risks qualitatively.