Question: "Business Impact Analysis (BIA) and Risk Management" Please respond to the following:
- According to the text, a BIA determines the extent of the impact that a particular incident would have on business operation over time.
- Determine the major ways in which people, systems, data, and property will impact a BIA. Provide specific examples to support your response.
- Compare and contrast qualitative risk analysis and quantitative risk analysis, and provide at least two (2) examples identifying a situation when each would be useful.
Need a reply for the below:
- A business impact analysis is considered as the heart of the disaster recovery planning process. During the business impact analysis, the exact effect of the disaster on the business is determined. They are several ways in which people, systems, data, and property will impact a BIA. They may cause the operation to be interrupted by the failure of a supplier of goods, or service, or delayed deliveries. Power outage for few minutes could also have a serious impact on the BIA.
- Quantitative and qualitative risk analyses are both the ways in which you can approach risk analysis. Qualitative risk analysis describe a risk scenario while and out what impact the event would have on business operation, while quantitative risk analysis attempts to describe to describe risk in financial terms and put a dollar value on all the elements of a risk.