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.
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.
The content on this page was primarily sourced from:
• IEC 31010:2019 Risk Management – Risk Assessment Techniques (22.214.171.124)
Edited by Nadine Cranenburgh