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Risk Analysis: qualitative analysis and quantitative analysis - Essay Example

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Safety and Money makes risk an important consideration in process plants. Different methods of risk analysis are used in different areas of industry. Each has its positives and negatives. The two main divisions of risk analysis are qualitative and quantitative…
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Risk Analysis: qualitative analysis and quantitative analysis
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Download file to see previous pages Qualitative Risk Analysis is used as a tool to determine the protection level required for systems application, facilities and other assets. In qualitative analysis assets, threats, and vulnerabilities are sought out and then it establishes the probabilities of threats that might occur. Moreover the cost of losses if any, and the value of the measures designed to reduce the threats and vulnerabilities up to an acceptable level. The qualitative is more subjective which develops a prioritize risk elements involved in a process.
Three data gathering strategies typically characterize qualitative methodology: in-depth, open-ended interviews; direct observation; and written documents. Qualitative methods permit the evaluator to study selected issues, cases, or events in depth and detail. Quantitative approaches allow for large-scale measurement of ideas, beliefs, and attitudes. Dr George is of opinion [2] that, "once we have agreed upon what constitutes a measure (say, a meter stick), everyone can use it and be fairly confident that what they measure is what anyone else would measure.
For example, the word "red" could be to signify the color red, or as a political categorization (e.g. socialism or communism). In a qualitative analysis both senses of red in the phrase "the red flag" could be recognized.
The main disadvantage of qualitative is that their findings cannot be extended to broader concept as compare to what quantitative analyses can. One reason may be the fact they are tested for. Whenever a qualitative approach is adopted, their statistical importance is not measured.

Quantitative analysis:

In quantitative analysis, numeric values are assigned to probabilities and cost. This analysis is very advantageous because it determines the risk of failure and then presents you with a data that shows result of process in numeric form. However, this analysis is in-depth and can be sometimes complex and very expensive. Quantitative analysis has different meanings in different context.

In social science, quantitative analysis recommends use of numerical and statistical techniques rather than verbal material.
In finance, a quantitative analysis is done using applied mathematics.
In analytical chemistry, quantitative analysis involves the measurements of quantities of substances produced in reactions rather simple analysis the nature of the reactions.

Quantitative methods involves measurement and lot of counting. The result of the research is a number, or a series of numbers. These are presented in forms of tables, graphs.Using quantitative methods, one can give a certain statement based on the qualitative ideas. This is the way is works with a global qualitive frame. For example Protest/Survey which concludes that the average patient has to wait 2 hours in the waiting room for a doctor to get examined or an experiment in which group x was given two tablets of Aspirin a day and Group y was given two tablets of Tylenol a day where each participant is randomly assigned to one or other of the groups. The numerical ...Download file to see next pagesRead More
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