Day: October 15, 2020

Historical Development   As early as 3000BC Chinese merchants utilized the techniques of sharing risks. About 500 years later, the famous Great Code of Hammurabi provided for the transfer of the risk of loss from merchants to moneylenders. Under the Read More …

RISK MANAGEMENT   Introduction We have throughout portrayed risk as having a negative effect e.g. great steps in medical fields have been achieved at the personal risk of those researchers prepared to test drugs and treatment; risk is also at Read More …

INTRODUCTION   1.1        Concept of Risk The word risk is certainly used frequently in everyday conversation and seems to be well understood. Risk implies some form of uncertainty about an outcome in a given situation. An event might occur and Read More …

Introduction to probability Notes What is Probability? Probability theory is the branch of mathematics that studies the possible outcomes of given events together with the outcomes’ relative likelihoods and distributions. In common usage, the word “probability” is used to mean Read More …