Measurement uncertainty

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Measurement uncertainty

  1. 1. 14. Risk Measurement Uncertainty  Precision – how small is the variance of the estimates  Accuracy – how close is the estimate to the actual values  Bias – what impacts on precision and accuracy come from the human judgments (or misjudgments)  Accuracy  Precision  Accuracy  Precision  Accuracy  Precision  Accuracy  Precision 1

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