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A brief introduction to Uncertainty
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Clipping is a handy way to collect important slides you want to go back to later.
Clipping is a handy way to collect and organize the most important slides from a presentation. You can keep your great finds in clipboards organized around topics.
You may like to develop this slide presentation into overview of risk management by including aspects of game theory, chaos, rationality, decision theory etc. This will provide glimpses of efficacious mathematical approach to arrive at complex economical decision in a given environment for uninitiated. And, bring a logical conclusion to the relevance of probability in business processes. An avoidance or mitigation of risk is solution to the problem being identified by quantifying risk/ uncertainty or the most probable outcome of an event. To quote a recent example, it was essential for Ms. Angelina Jolie to know that she has inherited faulty BRC1 genes which is a risk factor for breast and ovarian cancer but more important is proactiveness or a decision to undergo double mastectomy to rule out or minimize most likely outcome due to high degree of susceptibility. And, prioritize sequence of treatment by going first for mastectomy, a more complex surgery rather than removal of ovary which is less likely to get affected by previous recorded experiences.
It is a great share from you time, Thansk for sparing yoru time to share your knoledge with us. This is a must read