question archive Suppose you have three possible risk scenarios X, Y, and Z
Suppose you have three possible risk scenarios X, Y, and Z
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Suppose you have three possible risk scenarios X, Y, and Z. Your initial assessment found that X is twice as likely as Z, and Y is three times as likely as Z. What is P(X), P(Y), and P(Z)?-
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Answer:
Given that:
X is twice likely than Z
Y is thrice likely than Z
Now; probability and likelihood are equivalent quantities.
Px +Py +Pz = 1
That is ; Total probability = 1
2*Pz + 3*Pz + Pz = 1
Pz = 1/6
Px = 2/6
Py = 3/6
