What is the difference between qualitative and quantitative risk assessments?

The distinction between qualitative and quantitative risk assessments lies in their approaches to evaluating risks. Qualitative assessments focus on identifying and categorizing potential hazards and their impacts in descriptive terms, often without involving numerical data. This method allows for a more subjective analysis, where risks are assessed based on their nature and the context in which they occur, as well as judgment calls made by experts in the field.

On the other hand, quantitative assessments involve the use of numerical data to evaluate the likelihood and severity of risks. This includes statistical methods and calculations that provide measurable insights into how significant a risk may be, allowing for more precise comparisons and predictions about potential outcomes.

By understanding that qualitative assessments provide a broad overview that helps in recognizing risks and forming initial strategies, while quantitative assessments offer detailed, evidence-based insights, we can see why the statement accurately reflects the core differences between these two methodologies.