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Measurement of Risk
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[QUOTE="Mataracy, post: 143843, member: 28733"] Before any body or insurance company accepting to take up risk many things have to be put in to consideration. In measuring risk, we place some values on our belief as to the likelihood that some events will or will not occur . Risk measurement however , can be looked at in the following ways: i. [B]Frequency and Severity[/B] People may tend to refer yo an event as risky or not too risky and in this wise, give some indication if their own degree of belief . ii. [B]Description and inference.[/B] In measuring the frequency and Severity of future evens we come in contact with the word statistics and the whole statistical concept can br divided in to two broad areas. [B](a) A priori[/B] In probability, when the total number of possible events is known, then we compare this with number of desired events to calculate a priori probability but in real word, the number of possible events is not always known and therefore limits the application of a priori probability. [B](b) Relative Frequency[/B] One problem of measuring risk in the practical sense of it is that the total number if possible outcomes is unknown. [B](c) [/B] [B]Subjective probability[/B] In certain cases there will be a total absence of past experience or very few cases of such events have occurred. This renders or makes difficult future forecast based on experience. [B](iii) psychological Aspect[/B] The problem of measurement jf risk caused by the lack of past statistical experience could br regarded as only one aspects ct of the complex problem. Another important aspect is what is regarded as psychological problem which is the measurement of risk dye to attitude of mind which different people have to the same situation. What some people .right consider important might be relatively insignificant in the eyes of others. [/QUOTE]
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