In today’s data-driven world, companies’ half-hearted embrace of risk analytics for innovation projects means, at best, they forego an opportunity to maximize shareholder value and, at worst, they run the risk of significant losses. To make the best decisions about innovation projects, leaders need to understand fully how quantitative risk analysis can help. Quantitative risk analysis, or risk analytics, is a well known subset of decision analysis, a large body of theoretical and applied analysis that deals with making decisions under a state of uncertainty. Decision analysis addresses where and when trade-offs must be made between uncertain costs, uncertain benefits, and other risks.
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Volume 63, Issue 2, March-April, 2020