Qualitative risk analysis: some problems and remedies

Purpose – The article sets out to discuss and present a solution to the fact that various qualitative risk analyses of the same problem can reach significantly different conclusions.Design/methodology/approach – By reviewing a common risk analysis approach and identifying where the possible problems arise, the authors propose ways to overcome the problems based on what they have found in the literature in general.Findings – There are ways to greatly reduce the problems, but this requires a risk analysis approach in which information quality and consistency are the subject of greater focus.Research limitations/implications – The definitions used, Monte Carlo methods and the analytical hierarchy process are well tested in countless applications. Hence, the authors believe that this work possesses no major limitations.Practical implications – The approach has only been applied to theoretical situations; real‐life situations are needed to address possible practical limitations.Originality/value – The paper il...