What is probilistic risk assessment, and what is it used for?
Probability is a fundamental concept in statistics, often thought of as the odds. It is defined as the ratio of the number of favorable outcomes to the total number of possible outcomes. As an example, the probability of picking an ace from a standard deck of cards is 4/52 or 7.7%. There is also the probability of failure, which is 48/52 or 92.3%. When discussing the probability of success or failure. Probilistic risk assessment