The Cost of Damage Is the Aggregate of All the Potential

question 9

Short Answer

The cost of damage is the aggregate of all the potential damages multiplied by their respective___________ .

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Definitions:

Normal Probability Distribution

Also known as the Gaussian distribution, it's a bell-shaped curve that is symmetric about the mean, showing that data near the mean are more frequent in occurrence than data far from the mean.

Random Variables

Variables whose values depend on outcomes of a stochastic (random) phenomenon.

Nature

The intrinsic physical and material world all around us, not made or caused by humankind.

Normal Random Variable

A variable that follows a normal distribution, characterized by its mean and standard deviation.