Chapter 12
Risk Quantification
This chapter covers the following subjects:
Many people look at risk as an endeavor with nothing but numbers. For those with that perspective, this is the area of risk management that they find the most appealing. When data are available, risk analysis using numerical manipulation provides an aura of certainty in a practice that is anything but certain.
Risk quantification differs from qualification in that although qualitative risk analysis may use numbers, those qualitative values are subjective (such as the 1-2-3 scoring systems). In quantitative analysis, the numbers ...
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