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  • Semi-quantitative risk assessment


    Introduction

    Semi-quantitative risk assessment is one approach to measuring risk. It involves expressing one parameter, such as likelihood, quantitively. The other parameter is assigned a descriptive or numerical ranking.

    Alternative measurement approaches are qualitative and quantitative risk assessment.

    Limitations

    When using semi-quantitative methods, risk engineers and other practitioners should ensure that they provide explanations of how their quantitative calculations were carried out to avoid them being misinterpreted.

    Like qualitative methods, semi-quantitative methods are only useful to compare risks with a common measurement method, or with the same criteria. They can also be difficult to use in cases where trade-offs between risks need to be measured, or where a particular risk can have both positive and negative outcomes.

    To combine or aggregate risks, quantitative methods must be used.

    Sources:

    The content on this page was primarily sourced from:
    •    IEC 31010:2019 Risk Management – Risk Assessment Techniques (6.3.5.4)

    Edited by Nadine Cranenburgh


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