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Risk is evaluated on the basis of _____ theory.

  • Risk is evaluated on the basis of Probability theory.
  • Risk can be evaluated using probability theory as it provides a mathematical framework for assessing the likelihood of different outcomes or events.
  • Probability theory allows us to quantify the probability of an event occurring, which can be useful in assessing the level of risk associated with that event.
  • For example, if we want to evaluate the risk of a car accident, we can use probability theory to estimate the likelihood of an accident occurring based on various factors, such as the driver's behavior, road conditions, and weather.
  • This information can then be used to develop strategies to mitigate or manage the risk, such as implementing safety features in the car or avoiding driving in hazardous weather conditions.