Which method assesses risks based on their likelihood and impact without using numerical values?

The method that assesses risks based on their likelihood and impact without using numerical values is Qualitative Risk Analysis. This approach focuses on identifying and evaluating risks through descriptive measures rather than assigning specific numerical values or probabilities to them.

Qualitative Risk Analysis typically involves categorizing risks according to their potential impact and the likelihood of occurrence, often using a simple scale such as high, medium, or low. This allows project teams to prioritize risks and determine which ones require more immediate attention or mitigation strategies based on their significance.

This method is particularly valuable in the early stages of project management when comprehensive data may not be available, allowing for a quicker assessment to guide decision-making and resource allocation. It encourages a more subjective understanding of the risk landscape, which can then be explored further through Quantitative Risk Analysis if needed.