Measurement
Abstract
In this chapter, we will address the details about how to measure factors that contribute to risk. We will review objections to quantifying risk as a measurable quantity by providing examples from other industries where difficult to quantify yet practically measured factors are regularly reviewed. Additionally, this chapter addresses factors for measurement, such as estimation, using the program evaluation and review technique, and how to avoid bias in the estimation process. An overall review of recommended practices for estimating ranges is discussed, which includes the use of the equivalent bet technique in order to model subject matter expert estimates with confidence levels of 90% overall and 95% confidence in ...
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