PARAMETERS

Risk Management and Decision Making Glossary

Risk Management and Decision Making — Parameters

Information on Parameters

Parameters are factors that define an alternative and determine its behaviour. The value to which parameters are set restrict what results are possible to achieve within an alternative (Sage and Rouse, 1999: 938). Parameter, as used in this book, means a determining characteristic, feature, or prominent factor. It is closely related to the mathematical definition of a parameter as a special variable because a parameter is a controllable factor that has a main role in determining the basic form and function of an alternative. This is like a parameter in a mathematical function or statistical distribution because the value to which a mathematical or statistical parameter is set determines the specific form of the function or the shape of the distribution.

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