@bombaymalayali
Mathematics and statistics nerds, need some help.
I have 2 parameters, severity (range 1-5, 5 being the most severe) and likelihood (range 1-5, 5 the most likely) with probability points (0.17 to 0.83) attached to each likelihood point. The final score is calculated as severity times the probability.
Now in certain cases, severity should take precedence over likelihood when calculating the final score. How would you adjust the final score’s formula? Safe to just ignore the probabilities in those cases or weigh the severity scores higher?