Discuss the most typical causes of risk in IT endeavors, as well as risk-mitigation solutions. How can decision trees and Monte Carlo simulations help to estimate risk?
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Discuss the most typical causes of risk in IT endeavors, as well as risk-mitigation solutions.
How can decision trees and Monte Carlo simulations help to estimate risk?
Step by step
Solved in 3 steps
- How should a straightforward scenario be determined?Risk analysis intervals are preferred over chance and consequence numbers for unknown reasons.Modeling and simulation techniques such as Agent-Based Simulation, Discrete Event Simulation, System Dynamics Simulation Solutions, and Risk Analysis Simulation need to be compared and contrasted (Monte Carlo).
- Discuss and compare agent-based, discrete-event, system dynamics, and risk analysis simulations (Monte Carlo).Develop a realistic retirement-planning simulation model for your personal situation. If you are currently employed, use as much information as you can gather for your model, including potential salary increases, promotions, contributions, and rates of return based on the actual funds in which you invest. If you are not employed, try to find information about salaries in the industry in which you plan to work in and the retirement benefits that companies in that industry offer for your model. Estimate rates of return based on popular mutual funds used for retirement or average performance of stock market indexes. Clearly state your assumptions and how you arrived at them and fully analyze and explain your model results. I NEED A DIFFRENT ANSWERDevelop a realistic retirement-planning simulation model for your personal situation. If you are currently employed, use as much information as you can gather for your model, including potential salary increases, promotions, contributions, and rates of return based on the actual funds in which you invest. If you are not employed, try to find information about salaries in the industry in which you plan to work in and the retirement benefits that companies in that industry offer for your model. Estimate rates of return based on popular mutual funds used for retirement or average performance of stock market indexes. Clearly state your assumptions and how you arrived at them and fully analyze and explain your model results.
- For the scenario below, analyze it by completing the following two phases. There are several examples of how to analyze a scenario in the text book starting on page 474. Brainstorming phase List all the people and organizations affected. (They are the stakeholders.) List risks, issues, problems, and consequences. List benefits and identify who gets each benefit. In cases where there is not a simple yes or no decision, but rather one has to choose some action, list possible actions. Analysis phase Identify responsibilities of the decision maker. (Consider responsibilities of both general ethics and professional ethics.) Identify rights of stakeholders. (It might be helpful to clarify whether they are negative or positive rights, in the sense of Section 1.4.2.) Consider the impact of each potential action on the stakeholders. Analyze consequences, risks, benefits, harms, and costs for each action considered. Find sections of the SE Code or the ACM Code that apply. Consider the…You work for an insurance company. An analyst comes into your office in a panic. They have been asked to implement AI in a new proof of concept and need to use Bayes' Theorem to help predict the results of someone having a life-threatening disease. Help the analyst out. How would you explain Bayes' Theorem to them? How would you connect it to the way insurance companies assess risk, and to this problem in particular? Please and thank youWhat are the limitations of using the weighted scoring model?