The first step in managing risk is to identify these potentially uncertain events and the likelihood that any or all may occur. This is called statistical analysis.

Question

Quizplus · Accepted Answer

The first step in managing risk is indeed to identify potentially uncertain events and their likelihood, but this process is generally referred to as risk identification or risk assessment, not statistical analysis. Statistical analysis may be used within the process to evaluate the data, but it is not the term for the initial step of identifying risks.

The First Step in Managing Risk Is to Identify These