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One way to perform a quantitative analysis is to: define a range of levels to meet planning and operational needs – more than 5 levels may be confusing, fewer than 3 may not differentiate sufficiently,
 accumulate all the information available on the hazard and its relationship to your locality, invite participation by experts with a variety of different knowledge and skills applicable to the hazard type,  describe the purpose of the process and provide an overview of what you know about the hazard, and  develop consensus through discussion and balancing of this hazard against the others you face.
The danger is that a large number of hazards will be seen as being highly hazardous. As a result there may be insufficient differentiation of the hazards to support planning and resource prioritization. This means there must be substantial agreement on the rating range for each event.