What does it mean that both qualitative and quantitative methods are valid?
The term “qualitative” currently covers two distinct types of risk assessment. The first is descriptive in nature and the second is one which uses formal qualitative methods and techniques. It is, therefore, more appropriate to talk about three types of risk assessments, all of which may have an appropriate function. All three types have elements which may be combined appropriately in any one import commodity risk analysis. Descriptive risk assessments rely upon a strong narrative relating of principle events and factors. This form of assessment may contain scientific references, references to other risk assessments, significant quantitative data, etc. Generally these present a salient description of the situation of a particular commodity vis a vis a particular country or region. The end product of this form of risk assessment is an opinion on the categorization of a level of risk (“high, medium, low, minimal, etc.”). Qualitative risk assessments utilize a formal model and a large var
