probability allows a person to effectively measure the risks in selecting one alternative over others.
true
false

In order to mitigate and reduce the likelihood that the risk event will occur, the risk must be identified and analyzed. The process is called risk mitigation. The concept of probability occupies an important place in the risk management and decision-making process. The statement "Probability allows a person to effectively measure the risks in selecting one alternative over others" is true. It also called probabilistic modelling.

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