Risk Analysis is the process of assessing an event probability or a probability distribution.
The term is sometimes used in place of decision analysis. Many companies combine these as risk and decision analysis. Decision analysis is the more-common term for this general problem-solving process. In fact, there are often several risk analyses in a decision analysis.
Decision Analysis is the discipline that helps decision makers choose wisely under uncertainty. Three features characterize the formal process:
Training and assistance by John Schuyler, CAM CMA CMC CPIM PE PMP, Aurora & Denver, Colorado, USA
Risk and Decision Analysis in Projects by John Schuyler, 2001, Project Management Institute
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