Balancing Qualitative and Quantitative Assessments in Risk Management

The assignment content discusses the importance of balancing qualitative and quantitative assessments in risk management. It highlights that both approaches have their own strengths and limitations, with qualitative assessment providing insights into human behavior and culture, while quantitative assessment provides numerical data for analysis. The article concludes that a balanced approach is necessary to effectively manage risks, as neither approach alone can provide a complete picture of the situation.

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Need to Balance the Qualitative and Quantitative assessments in Risk Management
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Introduction
To manage to control on the safety and health to any kind of business, there are numerous things
which must be managed and risk is amongst these things. Whilst performing this it must be
analysed on exactly what might introduce the problems and precisely what could cause problems
for the enterprise activities or perhaps people working in the business (Aven and Zio, 2014). The
risk evaluation management entails the necessary measures in selecting on the correct actions for
the risk which are identified.
Qualitative assessment
The qualitative evaluation is one of the foremost point in beginning to assess the enterprise. This
is an effective technique with regards to collecting of the data as well as providing of insights to
one’s approach (Power and McCarty, 2002). The information is gathered by way of the
numerous sources as opposed to selecting source to work with, the information is reviewed, the
respondent on that specific research are analysed , their behaviours are noticed in addition to the
progress in the direction of the interview (Giannakis and Papadopoulos, 2016). This present an
elaborate picture to the uncomplicated way. The qualitative might help the group in organization
of all the data, and business could possibly find out more by way of the data which has been
collected. Furthermore, it allows one to consider deep and discover on the requirements of the
business (Power and McCarty, 2002). The assessment technique is utilized in which the
definitive and the closed solutions are inappropriate. It analysis how you can improve on the
productivity in the business (Giannakis and Papadopoulos, 2016). This process is generally done
through various approaches for instance one to one interview, observations, open headed
questions along with the focus groups (Bromiley, McShane, Nair and Rustambekov, 2015).

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Quantitative assessment
The quantitative assessment concentrate on the facet of just how much, how frequently, and how
many are pointed out during this method. The outcomes to this techniques emphasizes on the
numbers as well as the measurements (Robinson, Hutchings, Corner, Finch, Hughes, Brittain and
Bond, 2007). They are a lot more dependable in many of the instant. Any specific information
that is gathered might be useless in the event that the instruments have not been designed well
and not described well to the people that are involved with the study (Thamhain, 2014). The
quantitative techniques provide merely a measure to the ways the things are completed. It
examines on why the things are completed in that manner (Thamhain, 2014). The approach
answers to questions that are justifiable yet tough to be responded to.
Balancing qualitative and quantitative assessment.
The qualitative assessment is precise, a lot more reliable in addition to a quick measuring
surface. Nonetheless, with a few of the amendments, it might be enhanced where to ensure it
insert value to our evaluations (Mabrouki, Bentaleb and Mousrij, 2014). The more of a
representative the quantitative evaluation is, the more there are the possibilities that the
evaluation might reveal the real picture of the situation much more accurately. It is crucial for the
data assortment tools to be used in the assessments that is good and also well-designed
(Mabrouki, Bentaleb and Mousrij, 2014). Alternatively, the qualitative assessments examines the
factors in addition to the possibilities as to why things are occurring in various ways. The
qualitative for instance the quantitative data is dependent on the empiric analysis together with
evidence. Nevertheless, the qualitative investigation explores data and it produces the case
studies in addition to the summaries instead of the lists of the numeric data. The assessments
usually are concluded any time the qualitative evaluation emerge, without the qualitative we are

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not able to identify on the reasons behind the ups and downs in relation to performances.
There are many techniques into which they might add value to our assessments might it be
quantitative or even the qualitative (Giannakis and Papadopoulos, 2016). The effectiveness of
our objective might improve whenever one realized easy methods to use our tools to assess on
the risk considering that the qualitative could offer in analytic the culture, genders along with
individuals feelings that they are making initiatives to greater contribution and quantitative could
bring the figures to assess the situation quickly (Giannakis and Papadopoulos , 2016). Depends
in likely of the two evaluation, the analysis may not be incomplete. Additionally, the qualitative
assessment could make one an active and responsible individual, who likes to reveal and
communicate with others. Nonetheless, with the absence of the quantitative assessment we are
not able to conclude precisely what we have learned to date.
The aims of these two techniques in the risk evaluation management would be to produce a
balance between the two evaluating ways (McCusker and Gunaydin, 2015). The different exists
generally in their analytical objectives, the answers to which they signify, instruments together
with the tools they are utilized in retrieving of the outcomes and how flexible the responses
might be. Even though these two techniques are not possible to happen simultaneously, they
signify numerous set of the skills (McCusker and Gunaydin, 2015). To have the ability to attain
our goal and make a balance in the two assessments we might be able to find ways in applying
qualitative focus on our quantitative research. The researcher that is assessing on the qualitative
task must have understanding of the techniques and the methods of the quantitative (McCusker
and Gunaydin, 2015). The best way one may analyse the risk assessment is to use both, since
neither is better than the other. The qualitative analyses the market, demographics and other

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variation whilst the qualitative offers us with taste of preference, the behavior patterns along with
needs.
Conclusion
This study has offered certain insights on the qualitative and quantitative evaluation in the risk
management and need of balancing both. For any research risk needs to be analysed. The data
collection should have distinct understanding of the differences. The analyses of the risk we
should have clear understanding and support of the two evaluation techniques to give details on
the figures one has estimated.

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References
Aven, T. and Zio, E., 2014. Foundational issues in risk assessment and risk management. Risk
Analysis, 34(7), pp.1164-1172.
Bromiley, P., McShane, M., Nair, A. and Rustambekov, E., 2015. Enterprise risk management:
Review, critique, and research directions. Long range planning, 48(4), pp.265-276.
Giannakis, M. and Papadopoulos, T., 2016. Supply chain sustainability: A risk management
approach. International Journal of Production Economics, 171, pp.455-470.
Mabrouki, C., Bentaleb, F. and Mousrij, A., 2014. A decision support methodology for risk
management within a port terminal. Safety Science, 63, pp.124-132.
McCusker, K. and Gunaydin, S., 2015. Research using qualitative, quantitative or mixed
methods and choice based on the research. Perfusion, 30(7), pp.537-542.
Power, M. and McCarty, L.S., 2002. Trends in the development of ecological risk assessment
and management frameworks. Human and Ecological Risk Assessment, 8(1), pp.7-18.
Robinson, L., Hutchings, D., Corner, L., Finch, T., Hughes, J., Brittain, K. and Bond, J., 2007.
Balancing rights and risks: Conflicting perspectives in the management of wandering in
dementia. Health, Risk & Society, 9(4), pp.389-406.
Thamhain, H.J., 2014. Assessing the effectiveness of quantitative and qualitative methods for
R&D project proposal evaluations. Engineering Management Journal, 26(3), pp.3-12.