Which approach is based on expert opinion, judgement, intuition and experience?

Which approach is based on expert opinion, judgement, intuition and experience?

• A. Quantitative risk analysis
• B. Risk aggregation
• C. Qualitative risk analysis
• D. Risk analysis

Answer: (C)

Qualitative risk analysis is based on expert opinion, judgment, intuition, and experience, using descriptive scales (such as low/medium/high) to assess the likelihood and impact of risks when data are scarce or quick insight is needed. This approach prioritizes risks for action and communication without requiring precise numerical estimates. Quantitative risk analysis, by contrast, relies on numerical data and models to produce exact probabilities and potential losses. The other terms describe broader or different processes, but the described method clearly aligns with qualitative risk analysis.

Qualitative risk analysis is based on expert opinion, judgment, intuition, and experience, using descriptive scales (such as low/medium/high) to assess the likelihood and impact of risks when data are scarce or quick insight is needed. This approach prioritizes risks for action and communication without requiring precise numerical estimates. Quantitative risk analysis, by contrast, relies on numerical data and models to produce exact probabilities and potential losses. The other terms describe broader or different processes, but the described method clearly aligns with qualitative risk analysis.