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The field of risk assessment, as well as risk management, is becoming increasingly complex with respect to various facts and concepts involved within the system architecture of research work (McNeil, Frey and Embrechts 2015).
In contrast with all of these facts, this essay is critically reviewing the need for qualitative and quantitative assessments in evaluating the risk involved within any project.
Background of Qualitative and Quantitative risk assessment: The study of project risk management contexts, this is identified that the battle of justifying the task is too tough with respect to managing the risk management and assessment facts involved within any concerned project (Pastorok et al. 2016). In accordance with various researches done under the risks assessment and management practices, the organizations as well projects are demanding mainly data driven results but the only analysis based on qualitative assessment is not enough to ensure a secured system architecture or project development facts. The need for quantitative assessment is also important for managing the impactful situation within project development phases.
Qualitative Risk Assessment: In contrast with the introductory measures to the qualitative risk assessment processes, the qualitative risk assessment is nothing but the process of calculating and measuring the probability of risks involved within any project. The probability of risk is identified with the help of checking the likelihood of concerned risks introduced within any project. The probabilities of risks involved within the project development are considered for
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