In ERM Risk Assessment, ________ May Refer to Assessing Likelihood

question 20

Short Answer

In ERM risk assessment, ________ may refer to assessing likelihood using a quantitative measure, such as percentages.

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Definitions:

Null Hypothesis

A default statement that indicates no effect, difference, or relationship between two or more variables in an experiment.

Alternative Hypothesis

The hypothesis that is tested against the null hypothesis, usually representing the notion of a difference or effect.

Type I Error

Erroneously dismissing a true null hypothesis, often called a "false positive."

Sample Mean

The average obtained from a sample, calculated by summing all sample data points and dividing by the number of points.