What is an example of a qualitative risk assessment technique?

The Delphi technique is an effective qualitative risk assessment technique used to gather insights and consensus from a group of experts. It operates under the principle that individual judgments can be improved when discussed and refined collectively. This method typically involves multiple rounds of questionnaires, allowing experts to provide anonymous feedback, revise their opinions based on others’ responses, and ultimately converge towards a well-informed group consensus.

Qualitative risk assessments focus on understanding potential risks in a more descriptive, non-numerical manner, emphasizing the nature and impact of risks based on expert opinions and experiences. The Delphi technique excels here because it leverages the collective knowledge and perspectives of specialists, making it particularly useful when quantitative data is sparse or difficult to acquire.

The other techniques listed are generally associated with quantitative risk assessments, which focus on numerical data and statistical methods to evaluate risk. Monte Carlo simulation, for example, uses probability distributions to model risks quantitatively. Decision tree analysis charts out potential decision paths and their consequences, while sensitivity analysis investigates how changes in input variables affect outcomes numerically.