What Are Qualitative Risk Assessments?

Qualitative risk analysis is the process of assessing the impact of an identified risk and its likelihood. The subjective judgment of a given variable (such as the probability of risk occurrence), using the subjective cost-benefit thinking process, consists of accepting or reducing, sharing, or transferring risk as an option. Different project members may have different risk assessments for the same project due to different knowledge and experience. ^[1]

The purpose of qualitative risk analysis is to use the probability of the identified risks, their corresponding impact on the project objectives, and other factors, such as time frame and project costs, schedule, scope, and

Qualitative risk analysis is based on the following aspects:

First, the risk management plan.

Second, the identified risks. The risks identified during the risk identification process and their potential impact on the project should be evaluated together.

Third, the status of the project. Project uncertainty can change at different stages of the life cycle. Design-while-construction When the project is just started, the design is immature and will change, so more risks will be found; when the design is mostly completed, the project s

Risk probability and consequences

Use qualitative language to describe the probability of occurrence of the risk and its consequences as five levels: extremely high, high, medium, low, and extremely low.

Probability of risk-describing a certain

The risk list is formed during the risk identification process and is based on the qualitative risk analysis.

1. The practice and economics of qualitative risk analysis in oil and gas engineering

Relying on a foreign-related offshore engineering production platform project, the application of qualitative risk assessment (QRA) technology in the conceptual design stage mainly includes: the analysis process of qualitative risk analysis technology and precautions for each link, and various types of frequency analysis and data in qualitative analysis Sorting out, comparison and selection of qualitative risk analysis methods in the concept design stage, coupling of qualitative risk assessment results and various program comparison and selection indicators. This technology has a broad prospect in the conceptual design and front-end design of offshore and terrestrial oil and gas engineering, and can play a more important role in safety analysis. ^[3]

2. The application of qualitative risk analysis in the optimization of offshore oil and gas field development plans

The risk priority matrix is a tool for standardized risk comparison and risk characterization by means of qualitative risk analysis. The risk priority matrix is used to determine the risk level based on the probability of risk occurrence and the degree of harm caused by the risk. Combined with engineering examples, the risk level is evaluated from three aspects of personal injury, economic loss and environmental damage. For the first time, this qualitative risk analysis method has been successfully applied to the optimization selection of candidate schemes for offshore oil and gas field development. ^[4]

3. Application of FM EA in qualitative risk analysis

Guided and constrained by modern business management concepts, business managers use the idea of risk management at the management level to carry out risk identification, risk assessment, risk analysis, risk quantification and risk control on the entire project life cycle process. After long-term development and practice supplementation, the risk management theory has formed a scientific and complete method. In project risk management, risk management is mainly divided into 5 major steps, namely, formulating a risk management plan, identifying risks, and qualitative risk analysis. Quantitative risk analysis to control risks. Qualitative risk analysis, as one of the steps to deal with risks, provides theoretical basis for instructing risk managers to deal with various risks according to their priorities. There are many methods for qualitative risk analysis, including FMEA (Practical Effect Model and Impact Analysis Method), Probability Impact Matrix, Matrix Analysis Method, Risk Urgency Analysis Method, Delphi Method, etc. ^[5]