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17 Cards in this Set
- Front
- Back
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Risk Analysis may be ...
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Qualitive or Quanitive.
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Qualitive Analysis measures risk by...
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Significance of consequenses, e.g. high, medium or low.
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Quantitative analysis assigns...
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Specific values to consequence and their probability.
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Theoretical Probability
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Probablity that is based on theroectical principles rather than on actual experience.
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Empirical Probability
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A probability measure that is based on actual experience through historical data or from the observation of facts.
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Probability Analysis
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A technique for forecasting events, such as accidental and business losses, on the assumption that they are governed by an unchanging probability distribution
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Probability distribution
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A presentation ( table, chart or graph) of probability estimates of a particual set of cirumstances and of the probability of each possible outcome.
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Central Tendency
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The single outcome that is the most representative of all possible outcomes included within a probability distribution.
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Dispersion is...
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The variation among values in a distribution.
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Expected Value
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The weighted average of all of the possible outcomes of a probability distribution.
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Mean
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The sume of values in a data set divided by the number of values.
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Standard deviation
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A measure of dispersion between the values in a distribution and the expected value (or mean) of that distribution, calculated by taking the square root of the variance.
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Coefficient of variation
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A measure of dispersion calculated by dividing a distribution's standard deviation by its mean.
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Normal distribution
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A probability distribution that when graphed generates a bell-shaped curve.
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Trend Analysis
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An analysis that identifies patterns in past data and then projects these patterns in the future.
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Regression Analysis
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A statistical technique that is used to estimate relationships between variables.
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Linear Regression Analysis
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A form of regression analysis that assumes that the change in the dependent variable is constant for each unit of change in the independent variable
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