Question

List two ways the decision making matrix model is used to consider risk

Answer 1

Answer:

1-Likelihood

2- Outcome

Explanation:

1-Likelihood : It is a mechanism for measuring the level of risk in the matrix model. A risk assessment is effective for risk prevention and guidance for decision making.

2- Outcome: It is a tool that assists in decision making based on measurement of results. Through the results it is possible to measure the strengths and weaknesses of a given period and outline strategies to correct the failures.

Answer 2

The two ways in which the decision-making matrix model is used to consider risk are:

• It considers the likelihood of risk
• It considers the potential outcome of the risk

What is Risk?

This refers to the calculated estimate of the degree to which an unfortunate situation will occur.

Hence, we can see that by using the decision-making matrix model, there is the risk evaluation which considers the likelihood of risk and potential outcome of the risk

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