Describing Risk ■ An Example Objective Probability +100 explorations, 25 successes and 75 failures Probability(Pr) of success 1/4 and the probability of failure 3/4 Chapter 5 Slide 10Chapter 5 Slide 10 Describing Risk ◼ An Example ⚫ Objective Probability ◆100 explorations, 25 successes and 75 failures ◆Probability (Pr) of success = 1/4 and the probability of failure = 3/4