Which of the following methods is used in qualitative risk analysis?

Qualitative risk analysis primarily involves assessing the significance of risks based on their likelihood and impact to prioritize them. Risk ranking is a key method in this process, as it assigns a relative value to risks based on a subjective evaluation rather than quantitative measures. This allows project managers to identify which risks require immediate attention and resources. By utilizing risk ranking, project teams can effectively communicate risks to stakeholders and manage resources toward the most critical issues.

Other methods listed, such as statistical modeling, typically involve quantitative analysis, focusing more on numerical probabilities and impacts rather than subjective judgement. Cost-benefit analysis is generally employed in decision-making to evaluate the financial implications of risks, while contingency planning focuses on preparing responses and strategies for identified risks rather than analyzing them qualitatively.