Formulate, analyze, and illustrate a decision situation involving risk. Describe or propose a specific decision situation in which you see away of quantifying probabilities and consequences (i.e., do risk assessment) for different “actions†or “strategiesâ€, one often being the “reference action†(“do nothingâ€, “status quoâ€, “business as usualâ€). Then illustrate the use of a methodology of risk management to arrive at the “best actionâ€. The decision considered may be “terminal†(design, regulation, operating rule, strategy) or “preterminal†(further investigation, inspection, data acquisition) or both. The report would normally consist of the following components:
A description of the problem being addressed, along with the uncertainties involved.
The decision-making framework
A decision on the criterion for the “best†decision.
A systematic evaluation of all design alternatives, weighting the various possible outcomes by their consequences and associated probabilities of occurrence.
A summary and discussion of the results found above and a conclusion regarding which design alternative is considered to be best.
As with any report, also a list of any references made use of to support and/or illustrate the arguments made in the document.
There is a outline for the report, please use the topic in the “Outline and Toipc” file. More details in the “Project” file, there is a example report for you to compare. I expect a similar report with the example.
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