Conquer the BCSP Challenge 2025 – Elevate Your Safety Skills!

Sensitivity analysis is a widely utilized method in quantitative risk analysis as it examines how the variation in the output of a model is attributed to different variations in the inputs. This technique helps in identifying which variables have the most impact on the outcome and allows stakeholders to understand the potential range of results based on changes in key assumptions or risk factors.

By applying sensitivity analysis, organizations can prioritize risks and better allocate resources to mitigate those that could have the most significant effects on project objectives or overall business goals. It provides a more numerical approach to understanding risk compared to methods focused on qualitative aspects or subjective judgments.

In contrast, qualitative assessment, checklists, and risk mapping are typically more descriptive and are often associated with qualitative risk analysis rather than the quantitative methods that rely on numerical data and statistical techniques.