Probability theory is the formalism to study: Choice Chance Risk Criticality All of the above Match...

Probability theory is the formalism to study:

Choice
Chance
Risk
Criticality
All of the above

Match the following terms to a definition.

Frequency interpretation of probability

Equally likely interpretation of probability

Bayesian interpretation of probability

Degree of confidence or certainty based on knowledge of the phenomenon.
If a sample space Ω consists of a finite number of outcomes n, which are all equally likely to occur, then the probability of each simple event is 1/n.
The probability of an event is the limiting proportion of time the event occurs in a set of n repetitions of the experiment.

Decision theory is the formalism to study:

Criticality
Chance
Risk
Choice
Resilience

Together, probability and decision theory provide the formalism to study:

Uncertainty
Risk
Cost
Choice
None of the above

Match the following terms to a definition. [Hint: Modified text book Figure 1.2]

Risk identification

Risk impact assessment

Risk prioritization analysis

Risk mitigation

Ideal scenario identification

A. reassess existing risk events and identify new risk events

B. probabilities & consequences of risk events are assessed

C. knowing what needs to go right

D. risk events and their relationships are defined

E. assess risk criticality

Solutions

Expert Solution

orchestra answered 2 years ago

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