3.3 Question C | AANZFTA LMS

How would you deal with uncertainty concerning data in a risk assessment?

If there is uncertainty concerning the data I am using, I would not discuss this uncertainty and I would present the available data as facts.

If there is uncertainty concerning the data I am using, I would make this uncertainty transparent in the report and describe how this uncertainty influences my conclusions. The risk manager can then decide how to use the conclusions.

If there is uncertainty concerning the data I am using, I cannot perform the risk assessment.

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What is the difference between variability and uncertainty surrounding data?

Variability is a natural characteristic of data and is unproblematic for a risk assessment, while uncertainty should be avoided in a risk assessment.

Variability surrounding data should be reduced to a minimum, while uncertainty should be avoided entirely.

Variability is a natural characteristic of data while uncertainty refers to data that are missing, incomplete or inaccurate. Both are common parts of a risk assessment.

Variability and uncertainty are the same thing.

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3.3 Question C

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How would you deal with uncertainty concerning data in a risk assessment?

What is the difference between variability and uncertainty surrounding data?

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