Qualitative vs. quantitative analysis
Qualitative and quantitative analysis is essential and fundamental to a project becoming successful regardless of the size and scale, time, and budget. Quantitative and qualitative risk valuation are methods used by a group of people under carrying a project to analyze the possible occurrence of risk along with the project (MindEdge, 2019). Qualitative risk is less compound than quantitative valuation, and however qualitative assessment is primarily applied in a small to an average-sized project. In contrast, quantitative assessment uses Low, Average, and high scales to specify the probability of a risk event happening. On the other hand, the qualitative analysis of risk depends on the likelihood of an inherently particular method, where quantitative risk analysis depends on mathematical methods for risk evaluation.
Nevertheless, qualitative assessment applies particular judgment based on non-quantifiable data, for example, management proficiency, commerce cycles, the intensity of research and implementation, and industry relations. On the contrary, the quantitative assessment focuses mainly on the numbers found in reports such as trial balance and balance sheets (Smith, 2019).┬áBoth techniques are sometimes applied together to evaluate an organization’s performance and analyze the