How Has the Methodology for Risk Assessment Changed? Give Examples

question 38

Essay

How has the methodology for risk assessment changed? Give examples.

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Definitions:

Normal Distribution

An equal-probability distribution around the mean, which shows that instances near the mean happen more frequently than instances far from the mean.

Normal Probability Distribution

A bell-shaped distribution that is symmetric about the mean, showing how random variables are distributed.

Continuous Probability Distribution

A probability distribution that assigns probabilities to a continuum of possible outcomes, often described by a probability density function.

Standard Deviation

A measure that quantifies the amount of variation or dispersion of a set of data values; an indicator of data spread or how spread out the data are.