Using which of the following one can produce comprehensive result while performing qualitative risk analysis?
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A. B. C. D.A.
Using list of possible scenarios with threats and impacts will better frame the range of risk and hence can frame more informative result of qualitative analysis.
Incorrect Answers: B: Cost and benefit analysis is used for taking financial decisions that can be formal or informal, such as appraisal of any project or proposal.
The approach weighs the total cost against the benefits expected, and then identifies the most profitable option.
It only decides what type of control should be applied for effective risk management.
C, D: These are not sufficient for producing detailed result.
Qualitative risk analysis is a risk assessment technique that aims to identify, assess, and prioritize risks based on subjective judgments and qualitative data. It involves evaluating the likelihood and impact of risks and their potential consequences without assigning numerical values to these factors.
To produce a comprehensive result while performing qualitative risk analysis, it is necessary to use a technique that can provide a holistic view of the risks and their impact on the organization. Among the options given, the most suitable technique is scenarios with threats and impacts.
A scenario is a hypothetical situation that describes a plausible event or sequence of events that could lead to a risk. By creating scenarios, the risk analyst can explore the various ways in which a risk could materialize and the potential impacts on the organization.
Threats are potential sources of harm that could exploit a vulnerability in the system or process. Threat scenarios describe how these threats could affect the organization and its assets. By identifying threats and their scenarios, the risk analyst can assess the likelihood of their occurrence and the potential impact on the organization.
Impacts refer to the consequences of a risk materializing. Impact scenarios describe the potential harm that could result from the occurrence of a risk, such as financial loss, reputational damage, or legal liability. By assessing the impact scenarios, the risk analyst can prioritize the risks and identify the ones that require the most attention.
Cost-benefit analysis and vulnerability assessment are useful techniques for risk assessment but are not as comprehensive as scenarios with threats and impacts. Cost-benefit analysis involves comparing the costs of implementing risk mitigation measures with the potential benefits in terms of risk reduction. Vulnerability assessment involves identifying and assessing vulnerabilities in the system or process that could be exploited by a threat.
Value of information assets is not a risk assessment technique but a factor that can be used to assess the importance of information assets and prioritize their protection.
In summary, to produce a comprehensive result while performing qualitative risk analysis, it is recommended to use scenarios with threats and impacts to identify and assess the potential risks and their impact on the organization.