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Other Qualitative Methods

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The next most common risk assessment method is a qualitative approach other than the risk matrix. These include simply categorizing risks as high, medium, or low without even the step of first assessing likelihood and impact, as with the risk matrix. These also include more elaborate weighted scoring schemes in which the user scores several risk indicators in a situation, multiplies each by a weight, then adds them up. For example, in a safety risk assessment, users might score a particular task based on whether it involves dangerous substances, high temperatures, heavy weights, restricted movement, and so on. Each of these situations would be scored on some scale (e.g., 1 to 5) and multiplied by their weights. The result is a weighted risk score, which is further divided into risk categories (e.g., a total score of 20 to 30 is high and over 30 is critical). This sort of method can sometimes be informed by the previously mentioned checklists and audits.

The Failure of Risk Management

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