The combination (product, actually) of a probability and the associated benefit (or cost) of a certain situation is called the "mathematical expectation", "expectation value", or "expected value".
The combination (product, actually) of a probability and the associated benefit (or cost) of a certain situation is called the "mathematical expectation", "expectation value", or "expected value".
The expression of risk associated with a hazard, often represented as a numerical value, combines both the severity of potential harm and the probability of its occurrence. This quantitative measure allows decision-makers to prioritize risks and allocate resources effectively. By using this numeric representation, organizations can better assess and manage hazards, facilitating a more structured approach to risk mitigation.
The expression of risk associated with a hazard that combines its severity and probability into a single Arabic numeral is often referred to as a "Risk Score" or "Risk Index." This score quantifies the potential impact of a hazard by assessing both the likelihood of its occurrence and the severity of its consequences. It serves as a valuable tool for prioritizing hazard abatement measures, enabling organizations to allocate resources effectively based on the level of risk.
The term that most closely matches this description is "risk rating" or "risk score." This numerical value quantifies the risk by integrating both the severity of potential consequences and the probability of occurrence, allowing for a clearer assessment and comparison of different hazards. Such ratings are often used in risk management and decision-making processes to prioritize actions and resources.
The combination (product, actually) of a probability and the associated benefit (or cost) of a certain situation is called the "mathematical expectation", "expectation value", or "expected value".
hazard severity and mishap probability
The combination (product, actually) of a probability and the associated benefit (or cost) of a certain situation is called the "mathematical expectation", "expectation value", or "expected value".
A more complicated expression.
It is a bigger expression.
It is an algebraic expression.
It is simply a more complicated expression.
It is an algebraic expression.
It is called an expression.
An expression which combines numbers and operations
It combines like terms and results in the least amount if variables to solve for
A smartphone combines the features of a personal computer and a phone and is useful for mobile or handheld use.