Vaughn Tan: On Risk and Not-Knowing
Interintellect Hostcast
00:00
The Importance of Defining Risk
Risk is defined as having all the components to be able to perform an expected value calculation with certainty. But colloquially, we tend to use it to describe situations where we don't know what will happen. So for instance, a risk management department will use something like a cost benefit analysis and an expected values or expected outcomes analysis in order to figure out what to do given a particular fuzzy kind of risk.
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