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What is the difference between a materials requisition and a purchase requisition?
Probability
The measure or likelihood that an event will occur, often expressed as a number between 0 and 1.
Potential Loss
The possible negative outcomes or amount of money that might be lost in an investment or venture.
Risk Management
The process of identifying, assessing, and prioritizing risks followed by coordinated efforts to minimize, monitor, and control the impact of unfortunate events.
Risk Sharing
The practice of distributing potential financial losses among multiple stakeholders or partners.
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