What distinguishes qualitative risk assessment from quantitative assessment?

Qualitative risk assessment is distinguished from quantitative assessment primarily through the types of criteria they utilize. In qualitative risk assessment, subjective criteria are employed, which involve personal judgments, opinions, and perceptions to evaluate risks. This process focuses on understanding the nature of risks and their potential impact based on expert insights and scenarios, rather than on quantifiable measurements.

On the other hand, quantitative risk assessment relies heavily on numerical data, statistics, and mathematical models to calculate risks. This approach seeks to provide a measurable analysis of risk, often involving calculations such as probabilities, costs, and potential impacts expressed in numerical terms.

This fundamental difference in approach is what categorically separates qualitative from quantitative methods, allowing stakeholders to choose the assessment type that best fits their needs—be it for initial understanding and exploration of risks through qualitative assessments or for detailed, numerical analysis through quantitative methods.