I agree with you Junaid, Quantitative Risk Assessment is done by using a numerical matrix and you assign scalar quantities to the Risk Rating of a hazard, this helps in deciding how much Time cost and efoort should be spent on each hazard and give a certain weightage to the hazard
Much of it is clear from the titles themselves, Qualitative refers to a generalized approach by dealing with the non-numerical labels like Low, Medium, High etc for defining the risk probability and severity. It gives an easier understanding for even non-technical persons involved. Whereas, Quantitative Risk Assessment deals with numerical values like 1,2,3,4,5 etc to represent the Risk’s probability and severity and is a more technical approach in defining the Risk. Semi Quantitative takes into account both, the numerical and the non-numerical labels.
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