Explain qualitative risk analysis.
What will be an ideal response?
In qualitative risk analysis, the measures that are used are typically a set of nominal values such as high, medium, and low. These categories are then given numbers so that the weights of relationships can be characterized. Using those nominal values, it is possible to distinguish between items receiving a score of high and those receiving a score of medium, for instance. Since it is not possible to truly rank different elements of the same class, the actual measurement itself is not precise. Nevertheless, since one of the main purposes of the risk analysis function is to determine priorities, qualitative analysis can be useful.
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