3.10 Cost benefit analysis
R8 Living with uncertainty
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Additional information |
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R8.1 |
understanding that many decisions have to be made when outcomes cannot be predicted with certainty |
R9 Control measures
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Additional information |
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R9.1 |
understanding that the actions that can be taken to reduce or prevent specific risks may have their own costs |
including the costs and benefits of insurance |
R10 Risk analysis
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Additional information |
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R10.1 |
using probabilities to calculate expected values of costs and benefits of decisions |
other factors must be considered, for example
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R10.2 |
understanding that calculating an expected value is an important part of such decision making |