Project risks may be defined qualitatively or quantitatively.

In some cases, a project may begin with defining risks qualitatively and later move to quantitative aspect. There are also cases where a project may define some of its risks qualitatively, and some of its risks quantitatively.

Respond to the following questions:

1. Clearly describe and provide examples of qualitative risk definition and quantitative risk definition.
2. What factors would you consider when determining whether to use a qualitative approach, quantitative approach or a hybrid approach?
3. Which approach would you use on a project and why?