Risks

Machine learning algorithm risks and the risks of the overarching project.^{1, 2, 3}

likelihood \(\times\) severity

Likelihood

1. rare: It is quite improbable that the risk will occur.
2. unlikely: A low probability of occurring.
3. possible: Split odds.
4. likely: Probable.
5. quite likely: Quite probable.

Severity

1. insignificant: Negligible consequences
2. minor: Easily manageable consequences
3. moderate: Time consuming but manageable consequences
4. major: The consequences might be (a) negatively significant & extensively damaging, and (b) long-term.
5. severe: Detrimental, and probably irreversible, consequences.

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1. About Risk ↩

2. Risk Types ↩

3. About Risk ↩