How Probability Distributions Can Help with Risk Assessment

How Probability Distributions Can Help with Risk Assessment

How Probability Distributions Can Help with Risk Assessment

09/07/19

“How can we use probability distributions to create risk assessments?”

One of the most important parts of any engineering project is to analyze the risks involved in any process. However, quantifying these issues can prove to be quite difficult. To solve this, statisticians and engineers have worked together to create methods based upon preexisting probability distributions to help with the risk assessments. For example, an exponential decay distribution can be used to model a reliability function or a binomial distribution can be used to analyze failure of a specific component. This is How Probability Distributions Can Help with Risk Assessments.

Image credit fox17.com

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