Meaning ● Qualitative Risk Assessment, in the context of SMB growth, automation, and implementation, is a systematic process of identifying and analyzing risks subjectively, utilizing expert judgment and experience rather than numerical data. This helps SMBs prioritize potential threats based on their probability and impact, despite the lack of hard data. ● It allows for efficient allocation of resources to mitigate critical risks without excessive data gathering. It’s about strategically addressing uncertainties that could derail planned business growth or automation projects, ensuring smoother implementation. ● Often, this approach uses techniques like risk matrices to visually represent risk severity. Successful implementation relies on accurately documenting assumptions and clearly defining impact criteria tailored to the SMB’s specific operational context.
