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A risk is defined as the probability of an undesirable event to take place. Since most risks are not totally random but rather dependent of a range of influences, we try to quantify a risk function, that gives the probability for each set of influences. We then calculate the expected loss by multiplying the costs that are caused by the occurrence of this event with the risk, i.e. its probability.
Often, the influences can be changed by our actions. We might have a choice. So it makes sense to look for a course of actions that would minimize the loss function, i.e. lead to as little expected damages as possible.
Links to beautifuldata.net (7)
slow-media.netslow media – "Fast könnte man sagen, daß vom Tempo, der Geduld und Ausdauer des Verweilens beim Einzelnen, Wahrheit selber abhän
jbenno.netJoerg Blumtritt – Digital Transformation
hearingtheoracle.comHearing the Oracle « Musings on the database, industry trends, and SQL
slow media – "Fast könnte man sagen, daß vom Tempo, der Geduld und Ausdauer des Verweilens beim Einzelnen, Wahrheit selber abhän