APPLICATION OF THE RISK MANAGEMENT FOR DISCIPLINE ASSIGNMENT SAMPLE
Quantitative and qualitative risk assessment
Quantitative risk assessment simply focuses on the measurable and frequently pre explain the data while the qualitative risk assessment simply depends on maximum range so its subjectivity and the proper knowledge can be found on the assessor.
Quantitative risk assessment focuses on collecting data which could be analyzed utilizing the quantitative mentors in the research and also verifies the statistical analysis.
Qualitative risk assessment involves verifying the threats and also involves finding the opportunities that are likely to happen and also deal with the potential impact of what is attended by the researchers (Jeger et al. 2018). This kind of analysis would also be classified in the risks and except sources or effects. I focus on the previous research where I found these types of risk assessment in the research and also faced some practical issues during the attempt of risk assessment.
Difference between quantitative and qualitative risk assessment
Personal view on the differences of both risk assessments, I realized that there is a simple difference between the quantitative and qualitative risk assessment. I found Qualitative risk assessment in our project uses knowledge and also experiences the determination of risk and the probability, the quantitative risk assessment simply lies on the aims or goals and also includes the measurable data for providing the insights within the process of risk management (Burkov et al. 2018). There are some following advantages from where I found the utilizing techniques of these assessments within my project.
Figure 1: Risk assessments
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Qualitative risk assessment advantages:
This one is simply easy for presentation. This shows the outcome of qualitative risk analysis which could be reflected graphically utilizing the matrix of risk assessment.
These assessments are easy to prioritize the management of risk. Since the qualitative analysis of risk factors is already categorized as per the impact and likelihood which becomes easy for the determination of risk within any organization.
Quantitative risk assessment advantages:
This approach involves determining the probability of the specific objectives of project achievement.
This helps to quantify the exposures of risks for the research.
This also determines the cost size and contingency can be scheduled which might be required for further research.
Practical issues in conducting risk assessment
I found several types of issues in the case study of tesla which done in the research of part A. there are some electronic field radiations in the risk, also faced system failure in the resisted risks of tesla. we understood various factors of solving those registered risk or issues like security breaches, high rates of accidents disclosure of real time locations etc. all these factors we tried to analyze but actually faced some restrictions at the time of attending the project (Noyes et al. 2019). I realized that the importance of intelligence collections which was done by tesla is related to the creation of perfect profit in the business market. In conducting risk assessment we also did not get the breaches data which made us restricted in finding the enhancing level of cyber breaches.
Reference List
Journals
EFSA Panel on Plant Health (PLH), Jeger, M., Bragard, C., Caffier, D., Candresse, T., Chatzivassiliou, E., Dehnen‐Schmutz, K., Grégoire, J.C., Jaques Miret, J.A., MacLeod, A. and Navajas Navarro, M., 2018. Guidance on quantitative pest risk assessment. Efsa Journal, 16(8), p.e05350.
Noyes, J., Booth, A., Cargo, M., Flemming, K., Harden, A., Harris, J., Garside, R., Hannes, K., Pantoja, T. and Thomas, J., 2019. Qualitative evidence. Cochrane Handbook for systematic reviews of interventions, pp.525-545.
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