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Qualitative risk analysis focuses on prioritizing risks based on their probability of occurrence and their potential impact, enabling organizations to make informed decisions on where to allocate resources and attention. This method is often faster and less resource-intensive than quantitative analysis, which involves detailed numerical assessments.

The benefit of a rapid and cost-effective means of establishing priorities for risk responses is crucial because it allows teams to swiftly identify which risks require immediate action and which can be monitored or managed later. By efficiently categorizing risks, the organization can focus its efforts on addressing the most significant threats, thereby optimizing the overall risk management process.

In contrast to the other options, while establishing probability and impact is important, it may not fully capture the speed and efficiency that qualitative analysis provides. Segmenting risks and creating responses can be outcomes of qualitative analysis, but they are secondary to its primary goal of prioritization. Lastly, it is not necessary for all risks to undergo quantitative analysis before qualitative analysis; these two approaches can be applied independently depending on the project’s needs.