Types of Risks
Quantitative risks are those that can clearly be quantified. They have an impact on time, people, money, or other resources. An example could be lost revenue, lost production, or delayed time.
Qualitative risks are those that cannot easily be clearly quantified. This may be because you do not have sufficient historical data to determine the likelihood of the risk and/or its impact is not understood well enough for a qualitative impact to be associated with it.
An example: Your organization is opening an oil rig in a new area. You have no concrete data for this particular type of machinery in poor weather, but you do know that other facilities in the area have their production affected in varying amounts each year because of weather.
You should always strive to make all qualitative risks quantitative, if possible, by collecting and analyzing data.