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As discussed in the book, risk analysis is not an exact calculation of risk, but rather a best guess estimate that must account for the
As discussed in the book, risk analysis is not an exact calculation of risk, but rather a best guess estimate that must account for the unknowns and probabilities of outcomesin other words, uncertainty. Often when making decisions regarding risk analysis and prevention, these decisions will have to be made with incomplete information and require judgment of the risk manager- the risks, possible loss, unknown factors, etc. Data analysis and predictive models can generate a qualitative or quantitative risk assessment, but the risk assessment is only as good as the variables used to quantify/qualify the result. For this discussion, you will use model 2.4 from Read: Yoe: Chapter 2 to explain how uncertainty impacts data, and how we can be intentional when considering uncertainty to minimize the impact on risk analysis. In your posts, explain how uncertainty can impact qualitative data, and how you as a researcher can avoid harmful long-term impact when conducting risk analysis. In your response, you should cover: How can uncertainty impact qualitative and quantitative data? How can being intentional about uncertainty minimize the impacts on risk analysis? Are there any instances where you have encountered risk and planned around uncertainty in your professional or personal life
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