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Risk Analysis

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Term Definition
Risk Analysis

An evaluation of the amount of chance of being wrong or yielding an error. Generally risk represents the what we don't know, don't understand, or can't measure, such as our assumptions. It's the opposite of confidence gained by data or evidence; in that way, it can be said it has an inverse relationship with confidence where as more data or evidence is gathered to build confidence, it should likewise decrease the risk in that situation (or at least make us more informed of the risk and what better actions may be necessary). From a statistical standpoint, risk is defined as Alpha Risk (or Type I Error) and Beta Risk (or Type II Error).
Related StatStuff Video: 
   -Section 3-Overview, Lesson #2 - Risk Analysis: The Reason We Use Statistics

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