What does a qualitative risk assessment primarily rely upon?

A qualitative risk assessment primarily relies on subjective measures and judgment to evaluate risks. This approach involves gathering opinions, experiences, and insights from individuals or groups who have knowledge about the risk factors. By analyzing the perceptions and potential impacts of various risks without assigning numerical values, leaders can gain a more nuanced understanding of the situation.

In contrast to quantitative methods that depend on precise numerical analysis, fixed statistical models, or historical data trends, qualitative assessments focus on the context and emotional responses surrounding risks. This is particularly useful in situations where quantitative data may be scarce or unavailable but where expert insight can provide valuable context to inform decision-making.