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In a way less demanding procedure on the staff. Qualitative risk management projects can normally start to display noteworthy results in a matter of weeks, on the other hand those institutions or businesses that choose to employ a quantitative approach may experience limited benefit over months, or even a number of years of effort. The disadvantage of a qualitative analysis is that the consequential data is hazy and quite a number of strict decision makers, particularly the ones who have accounting backing or finance knowledge, may be hesitant to use the relative figures during a qualitative risk assessment.
The use quantitative approaches however also have got a number of drawbacks which include the following;
Dependence upon the scope and accuracy of specific measurement scales.
The likelihood of the outcome to be inaccurate and confusing when one uses the quantitative approach since it is not precise in nature.
The method doesn't allow for probabilities and numerical results.
The method is also costly since it demands for greater tools and equipments and also greater experience.
There is also existence of a significant number of relationships between the risks...
It is a common occurrence in the it world since there are new inventions by other market players as well. A good example is the mobile phone phenomenon, where if a brand of cell phones or a series of the known brands do not make the best of the market at their launch, the likelihood of a competitor adding a few more features and shoving the former out of market is very high.
References
Artur Rot, (2008). It Risk Assessment: Quantitative and Qualitative Approach it Risk
Assessment: Quantitative and Qualitative Approach Proceedings of the World Congress on Engineering and Computer Science WCECS 2008, October 22-24, 2008, San Francisco, USA.
Vocus PRW Holdings, LLC. (2010). Significant Risks Identified in Information Technology
(it) Project Management. Retrieved April 20, 2011 from http://www.prweb.com/releases/Vonya_Global/IT_Project_Management/prweb4328924.htm
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