Qualitative Risk Analysis is the consideration of a range of characteristics such as probability of occurrence, degree of impact on the objectives, manageability, timing of possible impacts, relationships with other risks, and common causes or effects. It is a structured, non-numerical method used to evaluate and prioritize risks based on their significance and the need for response planning.
This analysis helps project teams quickly assess exposure and focus on the most influential or urgent risks.
Key Characteristics
- Non-Quantitative Assessment – Uses descriptive scales rather than numeric values
- Multi-Factor Evaluation – Considers more than just probability and impact
- Supports Prioritization – Helps determine which risks require immediate attention
- Drives Further Analysis – Filters risks for deeper examination if needed
Example Scenarios
- A team rates risks as high, medium, or low based on their likelihood, timing, and potential effect
- A dependency risk with broad impact and poor manageability is prioritized over isolated technical risks
- Related risks sharing the same root cause are grouped to support consolidated mitigation
Role in Risk Management
- Improves Efficiency – Enables early identification without deep statistical modeling
- Enhances Team Awareness – Encourages collaborative discussion of uncertainties
- Supports Resource Allocation – Directs mitigation and monitoring efforts toward critical risks
- Forms the Basis for Planning – Guides development of the risk register and response strategies
See also: Quantitative Risk Analysis, Risk Register, Probability and Impact Matrix, Risk Response Planning, Risk Management Plan.