risk quantification |
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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.
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risk quantification is in the Accounting & Auditing, Banking, Commerce & Finance, Decision Making, Problem Solving, & Strategy and Disaster Planning & Risk Management subjects.
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