Example of a qualitative risk heat map Qualitative risk analysis is a technique used to quantify risk associated with a particular hazard. Risk assessment is used for uncertain events that could have many outcomes and for which there could be significant consequences. Risk is a function of probability of an event (a particular hazard occurring) and the consequences given the event occurs. Probability refers to the likelihood that a hazard will occur. In a qualitative assessment, probability and consequence are not numerically estimated, but are evaluated verbally using qualifiers like high likelihood, low likelihood, etc. Qualitative assessments are good for screening level assessments when comparing/screening multiple alternatives or for when sufficient data is not available to support numerical probability or consequence estimates. Once numbers are inserted into the analysis (either by quantifying the likelihood of a hazard or quantifying the consequences) the analysis transitions to a semi-quantitative or quantitative risk assessment. Developing rating scales Assigning probability and impacts to risks is a subjective exercise. Some of this subjectivity can be eliminated by developing rating scales that are agreed upon by the sponsor, project manager, and key team members. Some organizations, particularly those that have project management offices responsible for overseeing all projects, have rating scales already developed.Kim Heldman, PMP, Project Manager's Spotlight on Risk Management,p125,126 Criticism Qualitative risk evaluations have been demonstratedWhat's wrong with risk matrices?, doi: 10.1111/j.1539-6924.2008.01030.x. URL to have significant limitations, chiefly: (a) Typical risk matrices can correctly and unambiguously compare only a small fraction of pairs of hazards, and they can assign identical ratings to quantitatively very different risks. (b) Risk matrices can mistakenly assign higher qualitative ratings to quantitatively smaller risks. (c) Effective allocation of resources to risk-reducing countermeasures cannot be based on the categories provided by risk matrices. (d) Categorizations of severity cannot be made objectively for uncertain consequences. Cox concluded "Inputs to risk matrices (e.g., frequency and severity categorizations) and resulting outputs (i.e., risk ratings) require subjective interpretation, and different users may obtain opposite ratings of the same quantitative risks. These limitations suggest that risk matrices should be used with caution, and only with careful explanations of embedded judgments."
 Qualitative risk analysis is a technique used to quantify risk associated with a particular hazard. Risk assessment is used for uncertain events that could have many outcomes and for which there could be significant consequences. Risk is a function of probability of an event (a particular hazard occurring) and the consequences given the event occurs. Probability refers to the likelihood that a hazard will occur. In a qualitative assessment, probability and consequence are not numerically estimated, but are evaluated verbally using qualifiers like high likelihood, low likelihood, etc. Qualitative assessments are good for screening level assessments when comparing/screening multiple alternatives or for when sufficient data is not available to support numerical probability or consequence estimates. Once numbers are inserted into the analysis (either by quantifying the likelihood of a hazard or quantifying the consequences) the analysis transitions to a semi-quantitative or quantitative risk assessment. Developing rating scales Assigning probability and impacts to risks is a subjective exercise. Some of this subjectivity can be eliminated by developing rating scales that are agreed upon by the sponsor, project manager, and key team members. Some organizations, particularly those that have project management offices responsible for overseeing all projects, have rating scales already developed.Kim Heldman, PMP, Project Manager's Spotlight on Risk Management,p125,126 
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Example of a qualitative risk heat map
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Criticism Qualitative risk evaluations have been demonstratedWhat's wrong with risk matrices?, doi: 10.1111/j.1539-6924.2008.01030.x. URL to have significant limitations, chiefly: (a) Typical risk matrices can correctly and unambiguously compare only a small fraction of pairs of hazards, and they can assign identical ratings to quantitatively very different risks. (b) Risk matrices can mistakenly assign higher qualitative ratings to quantitatively smaller risks. (c) Effective allocation of resources to risk-reducing countermeasures cannot be based on the categories provided by risk matrices. (d) Categorizations of severity cannot be made objectively for uncertain consequences.
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Cox concluded "Inputs to risk matrices (e.g., frequency and severity categorizations) and resulting outputs (i.e., risk ratings) require subjective interpretation, and different users may obtain opposite ratings of the same quantitative risks. These limitations suggest that risk matrices should be used with caution, and only with careful explanations of embedded judgments."