Risk Management 101 for IT Professionals Essential Concepts - Qualitative Risk Assessments

The video tutorial introduces qualitative risk assessments, focusing on how to score risks based on probability and impact. It explains the creation and use of a risk assessment matrix, highlighting the subjective nature of qualitative assessments. The tutorial compares qualitative with quantitative risk assessments, noting the ease of qualitative methods for initial risk management. The video concludes with a preview of future topics, including the risk register.

What are the two main factors considered in a qualitative risk assessment?

• Cost and time

• Probability and impact

• Resources and stakeholders

• Quality and efficiency

In a qualitative risk assessment, what does a score of 1 typically indicate?

• High risk

• Low risk

• Moderate risk

• No risk

Why is qualitative risk assessment considered subjective?

• It uses exact percentages

• It is based on historical data

• It relies on personal judgment

• It requires complex calculations

What is a key difference between qualitative and quantitative risk assessments?

• Quantitative uses no numbers

• Quantitative is more subjective

• Qualitative is more precise

• Qualitative is easier to start

What tool is mentioned for practicing qualitative risk assessments?

• Risk calculator

• Risk matrix

• Risk chart

• Risk register