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Descriptions and Definitions of Quality Terms, Tools and Techniques
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Descriptions and Definitions of Quality Terms, Tools and Techniques |
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Risk ExposureA problem when you have a number of possible risks is that it can be difficult to decide which risks are worth putting effort into addressing. Risk Exposure is a simple calculation that gives a numeric value to a risk, enabling different risks to be compared. Risk Exposure of any given risk = Probability of risk occurring x total loss if risk occurs A limitation of this calculation is that it will give the same scores to high-probability/low loss risks and low-probability/high loss risks. If you are concerned with these differences, a Risk Matrix may be a better way of evaluating risks. See also:Risk management |
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