Management by Paul Engle

ISE magazine's monthly column about management (June 2020)

A risk-based approach to restart the economy

Risk is the probability of a certain event multiplied by the value of its consequence. For example, the chance of being involved in a serious automobile accident might be one divided by 100,000, or 0.001%. The consequence might be tens of thousands of dollars in losses. The risk is the product of the two numbers: 0.001 percent of $10,000, or 10 cents.

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