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Risk is the lack of certainty about the outcome of making a particular choice. Statistically, the level of downside risk can be calculated as the product of the probability that harm occurs (e.g., that an accident happens) multiplied by the severity of that harm (i.e., the average amount of harm or more conservatively the maximum credible amount of harm).
The Naranjo algorithm, Naranjo Scale, or Naranjo Nomogram is a questionnaire designed by Naranjo et al. for determining the likelihood of whether an adverse drug reaction (ADR) is actually due to the drug rather than the result of other factors. Probability is assigned via a score termed definite, probable, possible or doubtful.
It assigns scores to individuals based on risk factors; a higher score reflects higher risk. The score reflects the level of risk in the presence of some risk factors (e.g. risk of mortality or disease in the presence of symptoms or genetic profile, risk financial loss considering credit and financial history, etc.).
In statistics, the likelihood-ratio test is a hypothesis test that involves comparing the goodness of fit of two competing statistical models, typically one found by maximization over the entire parameter space and another found after imposing some constraint, based on the ratio of their likelihoods.
Probabilistic risk assessment (PRA) is a systematic and comprehensive methodology to evaluate risks associated with a complex engineered technological entity (such as an airliner or a nuclear power plant) or the effects of stressors on the environment (probabilistic environmental risk assessment, or PERA).
Risk assessment determines possible mishaps, their likelihood and consequences, and the tolerances for such events. [1] The results of this process may be expressed in a quantitative or qualitative fashion. Risk assessment is an inherent part of a broader risk management strategy to help reduce any potential risk-related consequences. [1] [2]
If the likelihood ratio for a test in a population is not clearly better than one, the test will not provide good evidence: the post-test probability will not be meaningfully different from the pretest probability. Knowing or estimating the likelihood ratio for a test in a population allows a clinician to better interpret the result. [7]
The SPRT is currently the predominant method of classifying examinees in a variable-length computerized classification test (CCT) [citation needed].The two parameters are p 1 and p 2 are specified by determining a cutscore (threshold) for examinees on the proportion correct metric, and selecting a point above and below that cutscore.