Basic Probability and Risk Analysis

Basic Probability and Risk Analysis
Basic Probability and Risk Analysis

Additional guidelines provided below. Please use the attached documents for the Basic Probabiliy discussion ONLY

Basic Probability:
1.The probability scale falls between 0.0 (no probability) and 1.0 (certainty). After reviewing attached basic probability theory documents, list two questions related to probability concepts that emerged as you explored the topic of probability.
2.Explain how the probability theory may relate to managing risks.
3.Share the two resources you used to learn about probability. Include a brief annotation for each resource that describes the value of the resource.

Risk Analysis:
1. Qualitative risk analysis is often used to quickly spot areas that need more attention. It is used to quickly identify the risks that have high or very high consequences. In qualitative risk analysis, constructivist perspectives or words are used. Once these risks are identified, they can then be further analyzed using more qualitative tools.

2. Quantitative risk analysis generally follows qualitative risk analysis. Quantitative risk analysis uses post-positivist statements for expanding knowledge. It uses numbers or statistics.

Complete a qualitative and quantitative risk analysis for the following objective: Getting an A grade in this course (Assessing and Mitigating Risk).
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