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 “strategies”, one often being
the “reference action” (“do nothing”, “status quo”, “business as usual”). Then illustrate the use of a
methodology of risk management to arrive at the “best action”. The decision considered may be
“terminal” (design, regulation, operating rule, strategy) or “pre-terminal” (further investigation,
inspection, data acquisition) or both
Sample Solution
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