What is Qualitative Risk Analysis?
Qualitative risk analysis ranks the risk register fast: each risk is scored on probability and impact (high/medium/low or 1–5), plotted on a probability-impact matrix, and prioritized. It's quick, subjective, and performed on every project — its job is deciding which risks deserve deeper attention and response planning.
Its quantitative sibling comes later, only for big/complex projects, and puts numbers ($ and days) on the top risks. Exam order matters: identify risks → qualitative → (optionally) quantitative → plan responses.
Formula
Risk score = probability × impact rating
Worked example
After a risk workshop produces 60 risks, the team scores each in an hour: "key architect resigns" lands high/high — top of the watch list with a response plan; "office coffee machine breaks" is noted and ignored. Sixty risks became eight that matter, without a single spreadsheet model.