Qualitative Vs. Quantitative Risk Assessment Essay

865 words - 4 pages

Qualitative vs. Quantitative Risk Assessment

U.S. Industries, Inc. has just won a contract with the U.S. Government to expand an existing network. U.S. Industries has never traded with the U.S. Government at this level before, thus we must gain an understanding of the qualitative and quantitative risks surrounding this project. We must also look at Operations, Audit, Compliance, Budgeting and the many other facets of business that we may be able to map out all of the components used to assign a proper risk rating to this project.

Quantitative risk assessment begins when we have the ability to apply a dollar amount to a specific risk. If the project was to be finished a month early ...view middle of the document...

The quantitative value on this project is $$30 million; given that there may be up to one million records stored on the database; 1,000,000 records X $30 per record = $30 million. This brings us back to our qualitative risk rating.

Reputation risk is the impact on earnings and investor or consumer confidence as a result of negative publicity to the business. In our situation, the most likely cause is an unauthorized disclosure of customer data due to system or network compromise. The negative impact of such an event could easily surpass the monetary loss associated with our quantitative risk assessment.

At this point we have introduced a myriad of elements into our risk assessment. Given the simplicity of our outsider threat vector through SQL Injection, the fact that this form of attack is not often detected by system logs and Intrusion Detection tools, the reputation risk associated with going public with 500K compromised records and the probability that this attack vector is likely to be repeated once discovered, we can easily assign a qualitative risk level of "High." We now have a quantitative risk assessment value of $15 million and a qualitative risk level of "High."

We calculate the Single Loss Expectancy (SLE) by taking the value of an asset which would be a single record at $30, then take the Exposure Factor, which is 1,000,000 records, and multiply the Asset Value by the Exposure Factor and come back to our value of $30 million. From there we...

Other Papers Like Qualitative vs. Quantitative Risk Assessment

Pros and Cons of Qualitative vs. Quantitative Research

563 words - 3 pages Pros and cons of quantitative and qualitative market research Marketing for Managers Pros and cons of quantitative and qualitative market research Qualitative marketing research is used instead of quantitative sometimes because the consumers’ actions do not always match the answers they give in the market survey. Qualitative market researches are not structured in their measurement, which promotes a wide variety of responses. The

Risk Consultant Essay

808 words - 4 pages Guidelines. (n.d.). Retrieved January 23, 2016, from http://www.mass.gov/anf/research-and-tech/cyber-security/security-for-state-employees/risk-assessment/risk-assessment-guideline.html Norchiston. (2011, October 13). IT Governance Blog. Retrieved January 24, 2016, from http://www.itgovernance.co.uk/blog/qualitative-vs-quantitative-information-security-risk-assessment-methodologies/ Schmittling, R. (n.d.). Performing a Security Risk


323 words - 2 pages severity? A. Objective risk analysis B. Qualitative risk analysis C. Subjective risk analysis D. Quantitative risk analysis 5. Which type of risk analysis uses relative ranking? A. Objective risk analysis B. Qualitative risk analysis C. Subjective risk analysis D. Quantitative risk analysis 6. Which risk-analysis value represents the annual probability of a loss? A. EF B. SLE C. ALE D. ARO 7. Which risk-response option would


1105 words - 5 pages contrast quantitative and qualitative research. Be sure to include the advantages and disadvantages of each and share which method you prefer. Review the Quantitative vs. Qualitative Analysis Rubric (PDF) before submitting your assignment using the link above. Use the following convention when naming files: Lastname.Firstname.Course.Activity.fileextension. References Miles, M. B., & Huberman, A. M. (1994). Qualitative data analysis (2nd ed

Data Collection

1205 words - 5 pages evaluation, which consisted of both quantitative and qualitative statistics. By giving employees self-assessment will help them provide the necessary information that BIMS is observing for about the staffs of their organization. The survey entails ten questions which the answers can be replied in quantitative method. There are also four extra questions that are offered in qualitative form. Those questions ask things such as gender, employee

Is3110T Lab 2 Assessment Worksheet

954 words - 4 pages owned computers - MEDIUM 2. a. PO9.3 Event Identification – Identify threats with potential negative impact on the enterprise, including business, regulatory, legal, technology, trading partner, human resources and operational aspects. b. PO9.4 Risk Assessment – Assess the likelihood and impact of risks, using qualitative and quantitative methods. c. PO9.5 Risk Response – Develop a response designed to mitigate exposure to each

Challenger Disaster

1135 words - 5 pages assessment process. The process allowed for a certain amount of risk to be allowed as long as it was acceptable. To determine whether or not a hazard was an acceptable risk, NASA used a Safety Classification System, which was a qualitative system rather than a quantitative system. This was due to the high cost associated with gathering enough data to be able to use a quantitative system. A quantitative system would also have created additional

Research Critique

1045 words - 5 pages assessment tool. Conclusion Within this paper included material that essentially effect the healthcare community, with also related and motivating criticisms on the outcome. As with the usual qualitative learning, there was slight to any assessable information obtainable to enhance substance for those persuaded to quantitative learning. For one, this particular author would definitely like to see the learning contain a diverse method way applying

Brm Research Methods

2641 words - 11 pages quantitative data. 2nd Ed. Perth Australia * Eveleigh N & Paul W (2008) Qualitative Vs Quantitative (4rd Ed.). Guide for new professionals pp. 291-315. . . . . . . . . . . . . * * Holliday R. (2007). Doing and Writing Qualitative Research, 2nd Edition. London: Sage Publications * * Schamber L. (2000). Time-line interviews and inductive content analysis: Their effectiveness for exploring cognitive behaviors. Journal of the

Qualitative Methods

1007 words - 5 pages situation, do you get the same results? No, when the experiment was replicated (better controlled) many of the errors in peoples recalling was not found even though the same kinds of errors remained. Validity: Methodological issues * Did not ask participants to be as accurate as possible * Didn’t care much about the environment in which the experiment was conducted Define qualitative and quantitative research, then compare and contrast


6033 words - 25 pages Chapter 1: INTRODUCTION TO QUALITATIVE RESEARCH METHODS This chapter introduces the fundamental elements of qualitative research methods, beginning with a definition of qualitative of research, followed by discussion on the evolution of qualitative research methods and how it is different from quantitative research methods. Also discussed is the importance of ethical

Related Essays

Qualitative Vs Quantitative Essay

1549 words - 7 pages better breadth of data and knowledge. References Anderson, D. R., Sweeney, D. J., Williams, T. A. (2008). Statistics for business and economics. Mason, OH: Thomson Higher Education Carlson, L., Gold, N. J. (2008). Qualitative vs quantitative research traditions: a needless and useless debate that hampers advertising and marketing knowledge development. International Journal of Advertising, 27(4), 660-663 Qualitative Data. (n.d.). In

Quantitative Vs. Qualitative Essay

999 words - 4 pages Qualitative vs. Quantitative Research Methods There are a number of observational methods when conducting research. Generally, they are split into either qualitative or quantitative methods. Qualitative methods collect data in which the data cannot be quantified. Quantitative methods collect data which is then statistically analyzed. Each method each has its own advantages and disadvantages. As Cozby (2009) indicates, qualitative

Quantitative Vs. Qualitative Essay

762 words - 4 pages Qualitative Vs. QuantitativeIn class, we have covered two main approaches in studying communications. One was the Qualitative method, which undertook various measures in qualitative data; that is to say, words and not numbers. The other method was the Quantitative method, which favors numerical data as superior. Some researchers prefer to choose a method, and practice that method for the rest of their careers. Others like to switch between

Quantitative Vs Qualitative Essay

595 words - 3 pages In this Discussion board I will discuss the differences between quantitative and qualitative research. You will be given the difference between a hypothesis and a null hypothesis, as well as the research method that uses the uses a hypothesis. I will explain the key elements needed to develop a well written set of hypotheses. You will be able to identify what I believe are the key elements of a well written set of hypotheses and research