Week 1 Essay Questions.docx - Week 1 Essay Questions 1 In this week\u2019s readings you learned about two methods of risk analysis quantitative assessment

Week 1 Essay Questions.docx - Week 1 Essay Questions 1 In...

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Week 1 Essay Questions 1. In this week’s readings, you learned about two methods of risk analysis: quantitative assessment and qualitative assessment. Explain the steps taken to assess a risk from a quantitative perspective where monetary and numeric values are assigned and discuss the formulas used to quantify risk. Then, explain the methods used to assess risk from a qualitative perspective where intangible values are evaluated such as the seriousness of the risk or ramifications to the reputation of the company. In risk analysis there are two main assessments. The first assessment in risk analysis is the quantitative method. This method attempts to use objective data to accurately predict the exact numbers to which a risk could cause damage. This could be financial cost, loss in productivity, or even system downtime. A qualitative approach would determine the severity of risk to a system and its probability. Then a look at the cost of that system if the act occurs in which the risk identified. Costs could be compared to rebuild a system, or facility, or even the cost to maintain or mitigate the risk from occurring. In order to accomplish this, the first step is to assume a valuation for all assets, physical and or intellectual. The second step would be to determine or attempt to determine the highest probability for each identified threat. This could be the recovery cost to a specific system or the value of a specific piece of intellectual property. The third step would be to complete an analysis of the potential threats. This is looking at the average times the threat occurred and
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  • Spring '16
  • VGHJVJH
  • Qualitative Research

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