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Define the term risk in risk management.
Risk:
It is the probability or chance of something which may or may not arise; this is something that can be quantified by using standard deviation.
Uncertainty:
It is something that cannot be predicted along with statistical confidence, normally because of insufficient information.
Improving the quality of manufactured parts and decreasing the production cycle time requires the use of high powered software programs integrated with computer controlle
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ISO 8402 deals with standardization of quality vocabulary. ISO 9000 is actually a series of guidelines for selection and use of the appropriate systems standards of ISO 90
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