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Results tagged with risk-management
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user 29252
Risk management is the identification, assessment, and prioritization of risks - defined in ISO 31000 as the effect of uncertainty on objectives, whether positive or negative - followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities.
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How to deal with low-probability high-impact risks?
Now usually we gauged such problems by multiplying probability of occurrence by the expected damage, but in this case we are lost trying to multiply a number tending to zero by a number tending to …
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