BUISENESS MANAGEMENT
RISK MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Likely
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Unlikely
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Rare
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Probably
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Detailed explanation-1: -What are the types of probability? Probability is the branch of mathematics concerning the occurrence of a random event, and four main types of probability exist: classical, empirical, subjective and axiomatic.
Detailed explanation-2: -Low Likelihood: Will seldom occur (between 0.1% and 1%) Medium Likelihood: Will sometimes occur (between 1% and 10%) High Likelihood: Will frequently occur (between 10% and 100%) Maximum Likelihood: Certain or almost certain to occur (100%)
Detailed explanation-3: -1.3 Risk levels We have decided to use three distinct levels for risk: Low, Medium, and High. Our risk level definitions are presented in table 3. The risk value for each threat is calculated as the product of consequence and likelihood values, illustrated in a two-dimensional matrix (table 4).