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Quantitative vs Qualitative Risk Analysis : When to use either one or both?

I'm trying to find an answer about when to use qualitative or quantitative risk analysis. Yet, most answers on the www explain the definition aspect of the two.
1) If given any one project, how does the project manager choose to use quantitative or qualitative risk analysis (or both)?
2) Is the selection technique based on the size of project or how?
asked 5 years ago by hairul (1,320 points) edited 5 years ago by MaplePM

1 Answer

You always need to use both on any project. You start with qualitative risk analysis (you score risks based on their probability and their impact), and then you re-score them based on your project's constraints. For example, cost might be of very high importance to the project, so you need to give a higher score to those risks that may affect costs. This can be done using WRF Analysis (see: http://www.projectmanagementquestions.com/2000/weighted-risk-factor-analysis )
answered 5 years ago by MaplePM (46,940 points)
I see last paragraph at http://www.projectmanagementquestions.com/2115/quantitative-risk-vs-qualitative-risk. He stated that "if you do one, no need to do the other". Any ideas about that phrase?
5 years ago by hairul (1,320 points)

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