Define the Risk Management Framework
Specify boundary conditions and data input needed for predictive analysis
Select time scope for evaluation, and conditions to be measured
Establish an acceptable results range, and what is outside of it
List relevant predictors for the condition tested
Determine the cause for the risk condition
Measure conditions identify, and attempt to determine any value associated with it
Decide on the risk response to identified risk condition
Evaluate your "risk margin" and what risk to transfer
Choose between lowering threats (risks) and potential opportunities foregone.
Don't forget to have fun, while doing this.
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