Risk assessment is the science of determining two things: The likelihood of a given occurrence and the degree of potential loss. Let's say I want to do a risk assessment of the likelihood that my pregnant daughter-in-law will be bitten by a mosquito this summer. I would look at past incidents, rainfall amounts, temperature data, and conclude that the likelihood that she will be bitten is about 100 percent.So the likelihood of occurrence is extremely high. Then I look at the potential loss [...]
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