Qualitative Risk Analysis

The process of analyzing risks on a qualitative basis. That is, instead of quantifying risk events, qualitative risk analysis focuses on the probability of risk events occuring and their estimated impact on the project. The outcome of qualitative risk analysis is a risk assessment matrix where risks are categorized based on their impact and probability. Qualitative risk analysis focuses on "big picture" threats instead of the specific impact on scope, budget, schedule, etc. covered by quantitative risk analysis.