Homework SourseDescribe risk management tools and techniques Explain how th
Describe risk management tools and techniques. Explain how these mitigate unforeseen project issues and concerns. Compare and contrast quantitative versus qualitative analysis, and describe which situations warrant the use of qualitative analysis only.
Solution
Risk management Tools and Techniques are explained below:
The comparison of the quantitative versus qualitative analysis is explained below:
Quantitative Analysis
Qualitative Analysis
It is a statistical methods which deals with the number of the data and information.
It is a non-statistical method which deals with the quality of the outcome of the data and information.
Difficult to obtain on the accurate results as it depends on the numbers, if the number is missed the whole analysis will change.
Accurate results can be obtained in the qualitative analysis.
The data’s are mostly collected from the larger groups.
The data’s are collected from the smaller groups
The following situation warrant on the use of qualitative analysis only:
| Quantitative Analysis | Qualitative Analysis |
| It is a statistical methods which deals with the number of the data and information. | It is a non-statistical method which deals with the quality of the outcome of the data and information. |
| Difficult to obtain on the accurate results as it depends on the numbers, if the number is missed the whole analysis will change. | Accurate results can be obtained in the qualitative analysis. |
| The data’s are mostly collected from the larger groups. | The data’s are collected from the smaller groups |
