Match the risk analysis techniques with their descriptions: Qualitative Analysis | Evaluating risks using numerical data Monte Carlo Simulation | Assessing risks based on subjectiv... Match the risk analysis techniques with their descriptions: Qualitative Analysis | Evaluating risks using numerical data Monte Carlo Simulation | Assessing risks based on subjective judgment Scenario Analysis | Exploring potential future events and their impacts Quantitative Analysis | Using computer algorithms to predict risk outcomes
Understand the Problem
The question is asking to match specific risk analysis techniques with their corresponding descriptions, which involves understanding the definitions and applications of each technique.
Answer
Qualitative Analysis - subjective judgment; Quantitative Analysis - numerical data; Monte Carlo Simulation - computer algorithms; Scenario Analysis - future events
Qualitative Analysis is assessing risks based on subjective judgment. Quantitative Analysis is evaluating risks using numerical data. Monte Carlo Simulation uses computer algorithms to predict risk outcomes. Scenario Analysis explores potential future events and their impacts.
Answer for screen readers
Qualitative Analysis is assessing risks based on subjective judgment. Quantitative Analysis is evaluating risks using numerical data. Monte Carlo Simulation uses computer algorithms to predict risk outcomes. Scenario Analysis explores potential future events and their impacts.
More Information
The Monte Carlo Simulation is a quantitative risk analysis technique that uses computer-based algorithms to model the likelihood of varying outcomes. It's useful in scenarios with inherent uncertainty. Qualitative Analysis allows for quick assessments but lacks the precision of Quantitative Analysis.
Tips
Confusing qualitative with quantitative analysis is common, as they sound similar but use different methods: subjective vs numerical.
Sources
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