c) Use your spreadsheet to estimate the position of the Risk line, using any necessary “reality checks”....

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Civil Engineering

c) Use your spreadsheet to estimate the position of the Riskline, using any necessary “reality
checks”. In other words, justify or even make a clear statement ofthe inadequacies of what
you have done and the need for further investigation. Estimate theRisk value.

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3.8 Ratings (710 Votes)

Solution Concept of Risk Broadly we say any situation outcome is risky when we do not know in advance what could be the actual states of the world for that situation outcome For eg Two friends Humpty Dumpty takes a bait among each other by tossing a coin The bait is if it turns up Head Humpty will pay Dumpty Rs 1000 and if it turns up Tail Dumpty will give Humpty Rs 1000 Now we can define the situation outcome in terms of the appearance of either Head or a Tail in tossing an unbiased coin And we can define the states of the world based on the situation out come as either Humpty becomes richer than Dumpty if it is Tail or Dumpty is richer than Humpty if it is Head Example The heating ventilating See Answer

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