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The risk associated with an event is the product of the probability of the event occurring and the hazard associated with the event.
Oliver Jacobi
Wiki User
∙ 9y agoA probability is an estimation of how likely an event is to come to pass. A risk is the level of possibility that an action or activity will lead to a loss or have an undesired outcome.
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What is the difference between risk and exposure?
An exposure consist of the potential financial effect of an event multiplied by its probability of occurrence and risk is with probability of occurrence. Thus an exposure is a risk times its financial consequences.
What is the difference between risk and challenge?
Risk is the probability that a hazard will turn into a disaster. risks can be reduced or managed. Challenge is a call to engage in a contest.
What is the difference between dependent and independent events in terms of probability?
What is the difference between dependant and independent events in terms of probability
What is the difference between probability and actuality?
probability is a guess and actuality is what will happen
What is the difference between atleast and atmost in probability?
The difference between "at least" and "at most" is not restricted to probability. The difference is simply one between the precise meaning of the phrases in every day English language.
What the difference between a probability distribution and a probability function?
None. The full name is the Probability Distribution Function (pdf).
What is difference between proportion and probability?
Proportion is the probability of a selected sample. probability is the true probability of all cases. If this is not what you are looking for then please specify.
What is Difference between wholesaler and retailer on the basis risk?
what is Difference between wholesaler and retailer on the basis risk?
What the difference and relationship between a probability distribution and a probability function?
They are the same. The full name is the Probability Distribution Function (pdf).
Differences between probability samplingand non-probability sampling?
the difference is just that non-probability sampling does not involve random selection, but probability sampling does.
What is the difference between the probability of drawing a 5 and the probability of drawing a 2?
For a normal deck of cards, the answer is none.
What is difference between constraint an risk?
A constraint is a limitation that is visible and present. The difference between a constraint and risk is that a risk is problem that is not yet seen, or a potential problem.
