Each of us, every day, practices risk management thousands of times, mostly without ever realizing it. One would think that we all would be superb at risk assessment, but most of us are not really comfortable with it.
Before we can talk in earnest about the State of the Art in Quantitative Risk Assessment, in this session we will discuss the philosophy behind risk management and risk assessment at a level that should be easily and commonly understood by people in just about every field that might tune in to Risk Awareness Week 2019.
We will discuss not so much any definitions, but discuss “what” risk really is, how to measure it what a measure of risk really is, and what distinguishes a “qualitative risk assessment” from a “quantitative risk assessment.”
We will also set a framework for getting into the details in later sessions for what you have to do to perform a State of the Art Quantitative Risk Assessment, and to help understand the real world examples presented in session III.