The set of all options that meet the following criteria:
- There are no other options with the same benefit (cost) that have less The possibility that something bad will happen. More.
- There are no other options with the same The possibility that something bad will happen. More that have greater benefit (less cost).
I am also a retired property-casualty A professional who assesses and manages the risks of financial investments, insurance policies and other potentially risky ventures. Source: www.investopedia.com/terms/a/actuary.asp More (someone who works with the math and statistics related to insurance). I spent a significant portion of my career building statistical models of all of the financial risks of an insurance company and interpreting their findings to help senior management make better financial decisions. I retired in my late 50’s, which one of my daughter’s friends thought clearly qualified me to write this blog. Read more about Susie Q