Introduction
Abstract
This chapter makes the case for the need for quantitative risk management. It begins with the Bald Tire thought experiment to help make the case for a need to articulate assumptions, discuss terminology, and makes plain the factors of risk that we care about modeling and how to communicate them effectively to management. This section also discusses the difference between risk assessment and risk analysis, and details the deficiencies in current approaches that treat the two the same. Lastly, the chapter spells out the progression of topics for the remainder of the book and offers some words of advice on how thinking about risk will impact your ability to make better decisions in all aspects of your life.
Keywords
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