Modeling is crucial in quantitative risk assessment (QRA) as it helps identify, quantify, and analyze risks by simulating different scenarios. It uses probabilistic methods to assess potential outcomes and manage uncertainties. Models support scenario analysis, evaluate risk mitigation strategies, and guide decision-making by providing quantitative insights. They also ensure regulatory compliance by providing comprehensive risk assessments. In essence, modeling transforms complex systems into manageable representations, aiding in effective risk management.
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