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Chapter 7: Quantifying and Analyzing Act... > Qualitative Risk Assessment

Qualitative Risk Assessment

The minimum requirement for risk assessment is a sequenced list of risks, rank-ordered by perceived severity. You can sort the listed risks from most to least significant using your assessment of loss times likelihood. If your list of risks is short enough, you can quickly arrange the list based on few passes of pair-wise comparisons, switching any adjacent risks where the more severe of the two is lower on the list. The most serious risks will bubble to the top and the more trivial ones will sink to the bottom. This technique is generally done by a single individual.

A similar technique, related to Delphi, combines data from lists sorted individually by each member of a team. The risks on each list are assigned a score equal to their position on the list, and all the scores for each risk are summed. The risk with the lowest total score heads the composite list, and the rest of the list is sorted based on the aggregate scores. If there are significant variances in some of the lists, further discussion and an additional iteration may lead to better consensus. The resulting list will be more objective than a sequence created by an individual, and it represents the whole team.


  

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