Explain different methods of risk assessment.

Risk assessment is a critical process for identifying, evaluating, and prioritizing risks in various sectors, ranging from environmental management to organizational strategies. The process involves analyzing potential risks that could impact the safety, functionality, and operations of a system. Different methods of risk assessment provide structured frameworks to evaluate these risks effectively. Below are the prominent methods used in risk assessment:

1. Qualitative Risk Assessment
This method focuses on subjective judgment and expert opinion to evaluate risks based on their severity and likelihood. The qualitative approach is often used when quantitative data is either unavailable or difficult to obtain. It involves categorizing risks as high, medium, or low based on their potential impact and probability of occurrence. Techniques such as risk matrices and brainstorming sessions are commonly employed. The risk matrix plots the likelihood of an event on one axis and ____ __________ _____ _____ ____.
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