risk quantification |
|
Definition
Attaching a probability to the happening of a negative event. If it is certain that an event cannot occur, it is given a probability of 0; if it is certain that it will occur, it is given a probability of 1. Uncertain risks are assigned between 0 and 1. Maximum risk at maximum uncertainty occurs when its probability is 0.5.
email to a friend
print this definition
cite this definition
link to this page
risk quantification is in the Accounting & Auditing, Banking, Commerce & Finance, Decision Making, Problem Solving, & Strategy and Disaster Planning & Risk Management subjects.
This content can be found on the following page:
http://www.businessdictionary.com/definition/risk-quantification.html







