What is the benefit of a quantitative risk analysis?
Quantitative risk analysis is a method used to numerically assess the probability and impact of potential risks in a project, organization, or decision-making process. Unlike qualitative risk analysis, which categorizes and prioritizes risks based on subjective judgment, quantitative risk analysis provides a more precise and objective measurement. Organizations may benefit from a quantitative risk analysis since it provides a comprehensive and objective assessment of risks, enabling organizations to make informed decisions, allocate resources efficiently, and plan strategically. It enhances the overall effectiveness of risk management efforts and supports organizational resilience.