Risk Management 101 for IT Professionals Essential Concepts - Types of Risk Assessments

The video introduces two types of risk assessments in IT risk management: qualitative and quantitative. Qualitative assessments are more popular due to their ease of implementation, using probability and impact scores to evaluate risks. However, they are subjective and not entirely accurate. Quantitative assessments, on the other hand, rely on specific data and formulas, providing objective results but are harder to implement due to the need for precise data. The video concludes with a promise of detailed lectures on each type of assessment.

What are the two main types of risk assessments discussed in IT risk management?

• Qualitative and Quantitative

• Subjective and Objective

• Theoretical and Practical

• Internal and External

Why is qualitative risk assessment considered more popular?

• It is more objective

• It is easier to implement

• It uses specific data

• It is more accurate

What is a key characteristic of qualitative risk assessments?

• They are based on numerical data

• They rely on educated guesses

• They require complex formulas

• They are highly objective

What is a major challenge of implementing quantitative risk assessments?

• Inability to create metrics tables

• Over-reliance on expert opinions

• Difficulty in obtaining specific data

• Lack of subjective input

Which type of risk assessment is considered more objective?

• Theoretical

• Subjective

• Quantitative

• Qualitative