Formulate, analyze, and illustrate a decision situation invo

Formulate, analyze, and illustrate a decision situation involving risk. Describe or propose a specific decision situation in which you see away of quantifying probabilities and consequences (i.e., do risk assessment) for different “actions” or “strategies”, one often being the “reference action” (“do nothing”, “status quo”, “business as usual”). Then illustrate the use of a methodology of risk management to arrive at the “best action”. The decision considered may be “terminal” (design, regulation, operating rule, strategy) or “preterminal” (further investigation, inspection, data acquisition) or both. The report would normally consist of the following components: A description of the problem being addressed, along with the uncertainties involved. The decision-making framework A decision on the criterion for the “best” decision. A systematic evaluation of all design alternatives, weighting the various possible outcomes by their consequences and associated probabilities of occurrence. A summary and discussion of the results found above and a conclusion regarding which design alternative is considered to be best. As with any report, also a list of any references made use of to support and/or illustrate the arguments made in the document. There is a outline for the report, please use the topic in the ‘Outline and Toipc’ file. More details in the ‘Project’ file, there is a example report for you to compare. I expect a similar report with the example.