Why is qualitative analysis important in conjunction with quantitative assessment in Open FAIR?

Qualitative analysis is essential in conjunction with quantitative assessment because it allows for a more comprehensive view of risks. While quantitative analysis focuses on numerical data and statistical measures, qualitative analysis incorporates subjective judgment and contextual understanding. This combination helps identify and evaluate risks that may not be easily captured through numbers alone.

For instance, qualitative insights can reveal underlying factors such as organizational culture, stakeholder perspectives, and potential reputational impacts—elements that can significantly influence risk but may not be adequately reflected in quantitative metrics. By integrating qualitative and quantitative methods, organizations can develop a fuller understanding of risks, leading to more informed decision-making and effective risk management strategies. This holistic approach provides a balanced perspective, ensuring that both measurable and intangible aspects of risk are considered.